Bessent said in a CFPB statement Monday that he would be working with the regulator to “advance President Trump’s agenda to lower costs for the American people and accelerate economic growth,” although it’s not clear whether Trump is actively searching for a more permanent replacement for Chopra.

Appointed by Joe Biden to lead the watchdog, which oversees consumer protection in the financial sector, Chopra unexpectedly remained in his post for nearly two weeks under the new administration but was dismissed by Trump on February 1.

Chopra leaves complicated legacy as CFPB director

The regulator, established in the wake of the 2008 financial crisis, has faced recent criticism within the mortgage industry for what mortgage lawyer Peter Idziak, senior associate at Polunsky Beitel Green, described as a perceived “heavy-handed and adversarial approach under Chopra.”

It’s also in the crosshairs of Elon Musk, head of the Department of Government Efficiency (DOGE), who’s called for the agency to be eradicated entirely. But that’s unlikely to happen under the new acting director, according to Idziak.

“Bessent has recognized that the CFPB was statutorily created by Congress, so I don’t believe he will seek to universally ‘delete’ the Bureau, as Elon Musk has previously called for,” Idziak said.