Treasury Secretary Scott Bessent will serve as the acting director of the Consumer Financial Protection Bureau (CFPB), the agency announced on Monday.

"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," Bessent said.

The CFPB's announcement noted that President Donald Trump designated Bessent as the agency's acting director on Friday. Former CFPB Director Rohit Chopra wrote in a letter published Saturday that he was no longer serving as the agency's director.

This is a developing story. Please check back for updates.