Unceremoniously, Rohit Chopra announced over the weekend on social media that his term as CFPB Director had concluded, in what can be seen as a first step in one of the legislative priorities for America’s Credit Unions and the Defense Credit Union Council (DCUC) to reform the Bureau in 2025.
In a two-page letter announcing his departure to President Donald Trump, Chopra said he was grateful to serve. “I am proud that the CFPB has done so much to restore the rule of law.” And that the Bureau has “returned billions of dollars from repeat offenders” to the public.
Who President Trump will name to permanently lead the CFPB is still unknown. Although, Monday the Trump Administration named U.S. Secretary of the Treasury, Scott Bessent, to lead the CFPB on a temporary basis.
Of the temporary appointment, Bessent said, “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."
Chief Advocacy Officer at DCUC Jason Stverak said Monday they support this move of Bessent to temporarily lead the CFPB.
“We applaud this decision,” said Stverak. “We believe that it is time for a new direction at the CFPB and we believe that Secretary Bessent will be that person to fill in in the interim as the President continues the search for a permanent Director of the CFPB.”
America's Credit Unions President/CEO Jim Nussle said, “America’s Credit Unions looks forward to working with Scott Bessent in his capacity as acting CFPB director. As he’s made his way through the confirmation process to serve as Treasury Secretary, Bessent has shared that his focus is bolstering the U.S. economy and pursuing pro-growth regulatory policies. Similarly, credit unions are committed to empowering their communities and members with the financial resources needed to thrive. We look forward to sharing our policy priorities and the credit union difference with Bessent so that we can work together toward these goals.”
Concerning Chopra leaving the CFPB, Nussle said, “Credit unions were the original consumer protectors, stepping in when people were abandoned or abused by other financial institutions. America’s Credit Unions advocates fiercely to ensure credit unions can continue this mission—urging regulators to recognize the unique structure and immense value of our industry. While we did not always agree with Director Chopra’s policies or approach to regulation, we thank him for his service and willingness to meet with credit unions. We look forward to working with the next CFPB director to pursue meaningful regulatory reforms that allow credit unions and their more than 140 million members to thrive while holding bad actors accountable.”
America’s Credit Unions and DCUC listed “Reform CFPB Structure” as one of the top five legislative priorities for the credit union groups in 2025. With Chopra gone, this goal is a step closer to being realized.
Chopra was selected by former President Joe Biden to run the CFPB in 2021 after the previous Trump Administration attempted to roll back the Bureau’s consumer protection duties.
In a statement from Sen. Elizabeth Warren (D-Mass.), she said despite President Trump’s previous distain for the CFPB, he’s going to need the organization to fulfill some campaign promises. President Trump campaigned on capping credit card interest rates at 10 percent and lowering costs for Americans. He needs a strong CFPB and a strong CFPB Director to do that. But if President Trump and Republicans decide to cower to Wall Street billionaires and destroy the agency, they will have a fight on their hands.”
Before becoming a Senator, Warren is credited with creating the idea of the CFPB in 2007 before the financial crisis. In 2010, President Barack Obama signed the Dodd-Frank Wall Street Reform and Consumer Protection Act, which then officially created the CFPB.
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Michael Ogden
Editor-in-Chief at CU Times. To connect, email at [email protected]. As Editor-in-Chief of CU Times since 2016, Michael Ogden has led the editorial team in all aspects of content strategy and execution, including the creation of the publication’s exclusive and proprietary research database of the credit union industry’s economic landscape. Under Michael’s leadership, CU Times has successfully shifted to an all-digital editorial product with new focuses on the payments, fraud, lending and regulatory beats. Most recently, he introduced a data-focused editorial product for subscribers that breaks down credit union issues into hard data, allowing for a deeper and more factual narrative for readers. In 2024, he launched the "Shared Accounts With CU Times" podcast, which offers a fresh, inside-the-newsroom perspective through interviews with leaders from the credit union industry and the regulatory world. He dives into pressing credit union issues, while revealing the personalities working behind-the-scenes to push the credit union world forward. His background includes years as a radio and TV anchor/reporter and a public relations and digital/social media manager, where he covered the food and music industries, as well as cooperatives and credit unions. Over the years, he has launched numerous exclusive video and podcast series, including a successful series of interactive backstage interviews with musicians at music festivals, showcasing his social media and live streaming production skills.
