WASHINGTON—The Trump Administration has named Scott Bessent acting director of the Consumer Financial Protection Bureau, according to a report from Bloomberg. The move is one applauded by those within credit unions, including one D.C. insider who contends the appointment hits the regulatory “reset button.” Scott Bessent The decision comes on the heels CFPB director Rohit Chopra’s resignation , and on the Senate confirming Bessent Treasury Secretary by a 68-29 vote. Bessent’s dual role is expected to bring a strategic shift as he steps into the CFPB leadership amid ongoing discussions about the agency's regulatory practices. Chopra led the agency since May 2, 2018. “For credit unions this gives us the opportunity to push the reset button—that we will have hopefully a director who understands what over regulation and punitive rules do to our industry…The negative impact it has and our ability to serve our members,” said DCUC Chief Advocacy Officer Jason Stverak. “We look forward to ...
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