ABA Statement on New CFPB Acting Director

“We applaud President Trump’s decision to name Treasury Secretary Scott Bessent acting director of the Consumer Financial Protection Bureau. While we have always supported the CFPB’s consumer protection mission, we have disagreed with many actions the Bureau has taken in recent years that have exceeded its statutory authority, harmed our economy and imposed significant costs on American consumers.

“We urge Secretary Bessent to begin reversing the damage caused by these misguided regulatory actions and stand ready to support his efforts to chart a better course for the Bureau. Appropriately tailored regulation is the key to lowering costs for consumers and ensuring America’s banks can play their essential role in accelerating economic growth. We look forward to working with Secretary Bessent and other stakeholders to ensure the CFPB’s work helps – rather than harms – American consumers going forward.”