Trump fires Rohit Chopra as CFPB director: NPR

Rohit Chopra, who has headed the Consumer Financial Protection Bureau since 2021, was released by President Trump.

Andrew Harnik/AP

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Andrew Harnik/AP

The Trump government has released Rohit Chopra, the director of the Consumer Financial Protection Bureau.

The move was generally expected, since President Trump will probably call a new director for the agency, which is a common goal of republican attacks.

Chopra was instructed by former President Joe Biden in 2021. The position has an term of five years, but the Supreme Court decided in 2020 that the president could dismiss the director at will.

In a letter of withdrawal published on X, Chopra said that guard dog agencies such as CFPB work to enforce laws on “the enormous influence that mighty companies have on our daily life”.

During his term, Chopra took over a number of financial companies, including large banks.

In December, the agency sued the operator of cells and the top banks of the state – Bank of America, JPMorgan Chase and Wells Fargo, “because they could not protect consumers from widespread fraud”.

The CFPB is an independent office within the Federal Reserve System and is financed outside the congress appropriation process, whereby its financing comes from the Fed.

The CFPB was founded in 2010 by the Dodd-Frank Wall Street Reform and Consumer Protection Act. This legislation was passed after the 2008 financial crisis and should prevent another crisis.

In the news of his fall on Saturday, Chopra’s leadership of the agency praised.

Under Chopra “the CFPB fought against junk fees, repeat offenders, Big Tech Effects and Corporate Caps. said in an explanation.

Banks seem to accept that the CFPB stays here, but they have changes that they want to see.

“The integrated administration has a unique and important opportunity to introduce meaningful reforms into the CFPB from an immediate and long -term CFPB, which can help transform the agency into the credible and permanent regulatory authorities that earn the Americans,” wrote the consumer Bankers Association in A white paper in January.

The association called for some immediate changes, including the cancellation of the rules of CFPB to overdraft cards and credit card late fees.

During a hearing from the Senate Bank Committee in December, the ranking member Tim Scott, Rs.c., asked to step down Trump’s first day of the office, and pressed disgust about it from the bidges.

Scott also said he was against the financial structure of the CFPB. “It is unacceptable to have an agency with a budget of almost one billion dollars outside the wireless process, and we have to find a way to tackle this problem,” he said in a prepared explanation.