President Donald Trump appointed Treasury Secretary Scott Bessent as acting director of the Consumer Financial Protection Bureau, Bessent announced Monday. Former Director Rohit Chopra, appointed by President Joe Biden in 2021, confirmed his departure on Saturday. Bessent, a former hedge-fund manager, will lead the CFPB until a permanent director is named. Banking groups, which had opposed Chopra’s consumer-focused regulations, welcomed the transition, and the Consumer Bankers Association urged Bessent to reverse “partisan policies.” The CFPB was created after the 2008 financial crisis. It has faced legal and political challenges, including calls for its elimination from conservative figures such as Elon Musk.