Industry stakeholders and consumer advocates voiced differing opinions about the latest change in leadership at the Consumer Financial Protection Bureau (CFPB), after President Donald Trump fired Director Rohit Chopra and named newly-confirmed U.S. Treasury Secretary Scott Bessent to the acting director role.
The financial services industry and Republicans have pushed back against several of the bureau’s policy decisions and welcomed Bessent’s appointment. Meanwhile, consumer advocates and Democrats have expressed support for the outgoing director and hope the next permanent director will follow his example.
See what leaders from various organizations and lawmakers had to say in the roundup below:
Consumer Bankers Association Consumer Bankers Association President and CEO Lindsey Johnson:
“As an accomplished businessman, we’re hopeful that Secretary Bessent will take into account the real-world ramifications regulations have on America’s leading banks, the millions of consumers they serve, and the economy as a whole. There are a number of immediate actions Secretary Bessent can take to rescind the partisan policies the former CFPB director has taken that adversely affect consumers, and we stand ready to work with him to reset the CFPB.”
Independent Community Bankers of America (ICBA) President and CEO Rebecca Romero Rainey:
“ICBA and the nation's community bankers thank Secretary Bessent for taking on the role of acting CFPB director on an interim basis. As part of our ‘Repair, Reform, and Thrive’ plan for the new Congress and administration and our recent open letter to the 119th Congress, ICBA is advocating a variety of reforms to CFPB regulations. We look forward to working closely with Secretary Bessent, the Trump administration, and the 119th Congress to implement needed CFPB regulatory reforms to help community banks meet the needs of local communities.”
American Bankers Association President and CEO Rob Nichols:
“We applaud President Trump’s decision to name Treasury Secretary Scott Bessent acting director of the Consumer Financial Protection Bureau. While we have always supported the CFPB’s consumer protection mission, we have disagreed with many actions the bureau has taken in recent years that have exceeded its statutory authority, harmed our economy and imposed significant costs on American consumers.
“We urge Secretary Bessent to begin reversing the damage caused by these misguided regulatory actions and stand ready to support his efforts to chart a better course for the bureau. Appropriately tailored regulation is the key to lowering costs for consumers and ensuring America’s banks can play their essential role in accelerating economic growth. We look forward to working with Secretary Bessent and other stakeholders to ensure the CFPB’s work helps – rather than harms – American consumers going forward.”
Senate Banking Committee Ranking Member Elizabeth Warren (D-Mass.):
“Under Rohit Chopra’s leadership, the CFPB is holding Wall Street accountable for cheating hard-working families and preventing the de-banking of Americans across the country, including consumers locked out of the financial system due to overdraft fees, religious organizations, and conservatives. The agency has returned over $20 billion to consumers since its founding – protecting Americans from junk fees, medical debt, and predatory lending.
“President Trump campaigned on capping credit card interest rates at 10 percent and lowering costs for Americans. He needs a strong CFPB and a strong CFPB director to do that. But if President Trump and Republicans decide to cower to Wall Street billionaires and destroy the agency, they will have a fight on their hands.”
National Consumer Law Center Executive Director Richard Dubois:
“I am deeply concerned about President Trump’s decision to fire CFPB Director Rohit Chopra, who had 20 months to go in his term and has done critical work to support ordinary people against powerful corporate interests. Under Director Chopra’s leadership, the CFPB has fought to reduce overdraft and credit card late fees, take medical debt off 15 million credit reports, stop fraud on big tech payment apps, and hold powerful Wall Street companies accountable when they violate the law. The CFPB supports struggling families no matter their political ideology, and its important work on behalf of everyday people must continue.”
“Chopra exposed and penalized lending practices that disproportionately harmed consumers of color, and made clear that discrimination is unfair in any financial service.”
National Community Reinvestment Coalition President and CEO Jesse Van Tol:
“Rohit Chopra delivered for the American people time and time again. He put a spotlight on predatory junk fees across the financial services industry, pushed for common-sense rules to protect small-business owners, raised the agency’s ambitions on enforcement activity and reestablished the CFPB’s commitment to safeguarding our wallets after four years of backward drift.”