Trump names Treasury Secretary Scott Bessent acting head of CFPB after firing Chopra

Trump names Treasury Secretary Scott Bessent acting head of CFPB after firing Chopra


Republican presidential nominee former President Donald Trump, left, listens as investor Scott Bessent speaks on the economy in Asheville, N.C., Wednesday, Aug. 14, 2024.

Matt Kelley | AP

President Donald Trump has made Treasury Secretary Scott Bessent the acting director of the Consumer Financial Protection Bureau after firing former head Rohit Chopra over the weekend.

Bessent, a former hedge fund manager who was confirmed as head of the U.S. Treasury last week, will presumably lead the CFPB until a permanent pick is named.

“I look forward to working with the CFPB to advance President Trump’s agenda to lower costs for the American people and accelerate economic growth,” Bessent said in a CFPB statement announcing his appointment.

Chopra, who was appointed by former President Joe Biden in 2021, was often at loggerheads with the U.S. banking industry after pushing to drastically rein in industry practices around credit card late fees and overdraft fees, among other efforts. Trade groups representing banks fought these regulations in court, fending off rules that would’ve saved Americans billions of dollars in fees, but that the industry called poorly considered or unjustified.

Banking industry groups had expected Chopra to be fired as soon as Trump’s inauguration day, but Chopra remained on for nearly two weeks into Trump’s second term, continuing to fire off releases and weigh in on hot-button topics including whether banks unfairly closed accounts.

This story is developing. Please check back for updates.



Source

Auto giant Volkswagen cuts guidance as U.S. tariffs hit profit hard
World

Auto giant Volkswagen cuts guidance as U.S. tariffs hit profit hard

A worker performs a final check on new Volkswagen ID.3 electric cars at the Volkswagen plant on May 14, 2025 in Dresden, Germany. Sean Gallup | Getty Images News | Getty Images Germany’s Volkswagen on Friday lowered its full-year guidance and reported a sharp drop in second-quarter profit, as the auto giant navigates the disruptive impact of […]

Read More
India expects ‘preferential’ tariffs in a trade deal with U.S., says India’s commerce minister
World

India expects ‘preferential’ tariffs in a trade deal with U.S., says India’s commerce minister

India expects to secure “preferential” tariffs from the United States that are better than those achieved by its economic rivals, according to India’s Commerce and Industry Minister Piyush Goyal. Goyal, who led the negotiations on the U.K.-India trade agreement, signaled a confident approach from New Delhi in ongoing trade talks with Washington. “India will get […]

Read More
CNBC Daily Open: Tesla’s bad things come in threes
World

CNBC Daily Open: Tesla’s bad things come in threes

A Tesla vehicle is parked outside of a dealership on July 24, 2025 in Austin, Texas. Brandon Bell | Getty Images Tesla’s going through a bumpy ride. The electric vehicle company on Wednesday reported a second consecutive quarter of declining auto sales. In Europe, Tesla’s market share fell for the sixth straight month to 2.8% […]

Read More