Trump shuffles deck at agencies, departments

Since taking office, President Donald Trump has made several changes to department and agency heads, many which have a direct effect on the banking industry.

Trump removed Rohit Chopra as director of the Consumer Financial Protection Bureau at the end of January. He later announced that Treasury Secretary Scott Bessent will serve as acting director of the CFPB.

Chopra had led the CFPB since 2021, after his confirmation by the Senate. In that role, he had often taken an aggressive stance on industry regulation, with his critics arguing the bureau regularly overstepped its statutory authority.

Under Chopra’s watch, the American Bankers Association has joined with other associations and businesses in suing the CFPB over overdraft fees, updates to the Unfair, Deceptive, or Abusive Acts or Practices manual and credit card late fees. Other industry groups have challenged the bureau on the implementation of the Section 1033 rule and extending its regulatory authority to payment apps and digital wallets.

Bessent was confirmed by the Senate as treasury secretary last week. The Washington Post, citing a staff email it obtained, said Bessent ordered CFPB staff to cease all work on crafting regulations, enforcing rules and communicating with the public.

Immediately upon assuming office earlier in January, Trump designated several chairs and acting heads of agencies and departments.

Among agencies relevant to financial services, Trump designated the following:

David Lebryk, fiscal assistant secretary of the treasury and the highest career official at the Treasury Department, as acting secretary pending the confirmation of nominee Scott Bessent.
FDIC Vice Chairman Travis Hill as acting FDIC chairman following the resignation of Martin Gruenberg.
Securities and Exchange Commission member Mark Uyeda as acting chairman pending the confirmation of nominee Paul S. Atkins.
National Credit Union Administration board member Kyle Hauptman as NCUA chairman.
Everett Woodel, district director for central and southern Ohio at the Small Business Administration, as acting SBA administrator pending the confirmation of nominee Kelly Loeffler.
Federal Communications Commission member Brendan Carr as FCC chairman.
Federal Trade Commission member Andrew Ferguson as FTC chairman.