Following the firing of CFPB Director Rohit Chopra, new acting head Bessent is halting all communications and suspending new regulations. This action, rooted in the Trump administration's policies, could roll back consumer protection rules established under the Biden administration, potentially increasing risks for consumers. Critics, like Jesse Van Tol, argue these changes invite fraudsters into the financial system, jeopardizing consumer safety. Bessent's future role remains uncertain as Congressional oversight on CFPB's structure and funding is anticipated, increasing concerns about the agency's future effectiveness in protecting consumers.
The Trump administration's move to stop the CFPB's work means inviting scammers and swindlers into working families' bank accounts, said Jesse Van Tol, President and CEO of the National Community Reinvestment Coalition.
Bessent's appointment appears to signal a large-scale rollback of agency actions under the Biden administration, targeting rules capping overdraft fees and banning the use of medical debt by credit-reporting companies.
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