Palm Beach, Fla. (AP) — President Donald Trump has dismissed Rohit Chopra, the director of the Consumer Financial Protection Bureau. Chopra was a prominent regulator from the Biden administration who remained in his post after Trump took office on Jan. 20.
During his tenure, Chopra implemented measures such as removing medical debt from credit reports and limiting overdraft penalties. However, his actions were criticized by some within the financial industry, who perceived them as excessive regulation.
In a social media post regarding his departure, Chopra expressed gratitude to individuals who shared their perspectives with the bureau. He highlighted the agency's efforts to hold powerful companies accountable for legal violations and improve its operations.
Chopra was initially appointed to the Federal Trade Commission by Trump during his first term as a Democratic member. He indicated in his letter that the bureau was prepared to collaborate with the Trump administration.
According to an anonymous source, Chopra was notified of his dismissal via email. He was eligible for a five-year term as CFPB director but had indicated his willingness to step down upon request from the new president.
Chopra's dismissal reflects the tension between Trump's promises to reduce business regulations and his populist appeals to voters. His continued presence in the role after Trump's inauguration drew criticism from the financial sector, which urged his removal.
Chopra is an associate of Senator Elizabeth Warren, a frequent target of Trump's criticism. Warren denounced Trump's actions, stating that opposition to the agency would trigger a conflict.
Congresswoman Maxine Waters, a leading Democrat on the House Financial Services Committee, expressed concern that Chopra's dismissal signals a weakening of consumer protections and a potential demise of the bureau, which was created in response to the 2008 financial crisis.