In a desperately needed move this week, President Donald Trump fired Rohit Chopra, director of the Consumer Financial Protection Board (CFPB), and installed Treasury Secretary Scott Bessent as acting director.
The leadership change comes after the agency aggressively expanded consumer protection laws and their enforcement. In the waning days of the Biden administration, when most agencies were pausing operations and preparing for a change in leadership, Chopra launched a flurry of lawsuits and official actions. The bureau went after banks for charging “junk fees” that were mostly routine fees, sued Walmart, accused Rocket Homes of creating an illegal “kickback scheme,” and tried to effectively stop nonbank financial institutions from making personal loans.
Read the full story here.