CFPB Departure Confirmed: Chopra Steps Down as Expected
CFPB in Transition: New Leadership and Policy Shifts
The Consumer Financial Protection Bureau (CFPB) is currently undergoing a significant transition, following the departure of Rohit Chopra in January 2025. His departure was confirmed in a letter posted on social media platform X.
Rohit Chopra's tenure at the CFPB saw several notable achievements, including a record $3.7 billion settlement with Wells Fargo over the fake-accounts scandal. However, under the new leadership of Acting Director Russell Vought, the Bureau has taken a different direction.
Russell Vought's leadership has seen a reversal of many prior policies. Enforcement actions have been dismissed, guidance withdrawn, consent orders terminated, and rules rescinded [2]. Despite this, the Bureau has managed to settle its first lawsuit under this new leadership, involving violations of the Military Lending Act with a substantial civil penalty [2].
The CFPB is also implementing a policy to address criminal regulatory offenses, in response to a presidential executive order. This policy emphasizes a revised approach to referrals to the Department of Justice and clarifies mens rea standards for enforcement [1].
Consumer complaints to the CFPB have increased in 2025, indicating ongoing consumer engagement and enforcement activity despite the leadership changes [3]. However, enforcement of some new rules has been delayed due to legal challenges, showing a more cautious regulatory stance recently [5].
There is no direct information confirming Scott Bessent’s appointment as interim chief of the CFPB. Instead, President Donald Trump designated Treasury Secretary Scott Bessent as the bureau's interim chief, according to reports [4]. However, the latest reports identify Russell Vought as the Acting Director as of mid-2025 [2].
The American Bankers Association and the Consumer Bankers Association have expressed support for the CFPB changeover. The CFPB, during Chopra's tenure, continued to issue final rules and file lawsuits even after Trump's return to the White House. Only congressionally mandated regulations can move forward without Scott Bessent's approval [4].
The CFPB has also been embroiled in legal battles, suing JPMorgan Chase, Bank of America, and Wells Fargo over what it sees as a failure to protect Zelle users from fraud, and accusing Capital One of obscuring a higher-yield savings account from legacy customers [4].
The departure of Rohit Chopra and the potential changes at the CFPB have raised concerns among Democrats, with Elizabeth Warren, Maxine Waters, and others expressing their worries about the potential dismantling of the CFPB [4].
In the midst of these changes, the CFPB continues to focus on regulatory policy, navigating a complex landscape of legal challenges, new leadership, and shifting priorities.
- The shift in leadership at the Consumer Financial Protection Bureau (CFPB) has led to changes in finance-related policies, with Acting Director Russell Vought reversing many of the prior policies implemented under Rohit Chopra's tenure.
- The ongoing transition at the CFPB is not only marked by new leadership but also by significant developments in business, politics, and general-news, with the Bureau involved in lawsuits with major financial institutions and facing concerns from Democrats about potential policy shifts.
