YEREVAN (CoinChapter.com) — President Donald Trump has dismissed Rohit Chopra as head of the Consumer Financial Protection Bureau (CFPB) and appointed Treasury Secretary Scott Bessent as acting director. Bessent, who was confirmed by the Senate less than a week ago, will now lead both the U.S. Treasury Department and the CFPB.
In a Feb. 3 statement, the CFPB confirmed Bessent’s appointment after Trump’s executive order removing Chopra. The former director responded in a Feb. 1 letter, urging his successor to continue handling cases involving Big Tech and Wall Street firms.
Rohit Chopra CFPB Farewell Letter. Source: XIt remains unclear why Bessent was chosen for the dual role. His recent confirmation as Treasury Secretary already placed him in charge of one of the country’s largest financial agencies. His views align with Trump’s administration, including opposition to a U.S. central bank digital currency (CBDC).
Scott Bessent CFPB Appointment Statement. Source: CFPBTrump Administration Moves to Reshape Financial Oversight
The Trump administration has worked to limit the power of regulatory agencies over banks and financial institutions. In line with this, Trump issued an executive order on Jan. 20, instructing all federal agencies, including the CFPB, the Securities and Exchange Commission (SEC), and the Commodity Futures Trading Commission (CFTC), to halt all pending regulations.
Public figures such as Tesla CEO Elon Musk, who has been an informal Trump adviser, have supported reducing regulatory oversight. Musk previously called for the CFPB’s removal, arguing that financial agencies impose unnecessary restrictions.
With Bessent leading the CFPB, Trump’s administration now has greater control over financial regulations, a shift that could affect future enforcement policies.
Trump Appoints New Leadership at Financial Agencies
Following Chopra’s dismissal, several key regulatory positions are now held by Trump’s appointees:
SEC Commissioner Mark Uyeda is serving as acting chair, awaiting Senate confirmation of Trump’s nominee, Paul Atkins. CFTC Commissioner Caroline Pham replaced Rostin Behnam as acting chair on Trump’s first day in office.These appointments give Trump’s administration more authority over financial regulators, impacting how agencies oversee banking and financial institutions.
CFPB Faces Lawsuit Over Payment App Regulations
The CFPB is currently involved in a legal dispute over new financial rules. In November 2024, the agency finalized a regulation requiring digital wallets and payment apps to follow banking compliance standards. However, the rule excludes crypto wallets, applying only to U.S. dollar transactions.
Tech industry groups TechNet and NetChoice have filed a lawsuit challenging the regulation. They argue that the CFPB’s rule unfairly targets technology firms, adding to ongoing legal disputes over financial regulations.
TechNet and NetChoice vs. CFPB Case Document. Source: U.S. District CourtWith Bessent overseeing the CFPB, the agency’s approach to financial enforcement and regulatory policies could shift further under Trump’s administration.
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