Trump Fires Consumer Financial Protection Bureau Director Rohit Chopra
PALM BEACH, Fla. - President Donald Trump has dismissed Rohit Chopra, the Director of the Consumer Financial Protection Bureau (CFPB), as part of his ongoing purge of Biden administration appointees.
Chopra, a holdover from the previous Democratic administration, implemented policies aimed at making the financial system fairer for consumers, such as removing medical debt from credit reports and limiting overdraft penalties. However, the financial industry criticized these actions as excessive regulation.
In a social media post, Chopra expressed gratitude to those who shared their experiences with the CFPB and highlighted the agency's efforts to hold powerful companies accountable. He also mentioned preparing rules to protect Americans from data surveillance and policies to prevent financial discrimination based on political or religious views.
Chopra's dismissal came via email, according to an anonymous source familiar with the matter. His five-year term would have allowed him to remain as CFPB Director, but he had previously indicated his willingness to step down at the President's request.
The firing has sparked criticism from Democratic lawmakers, including Senator Elizabeth Warren and Representative Maxine Waters. Warren condemned it as a capitulation to Wall Street interests, while Waters lamented the potential demise of strong consumer protection.
The CFPB, established after the 2008 financial crisis, has been a target of Republicans and the financial industry. Despite a recent Supreme Court ruling upholding its funding structure, its future under the Trump administration remains uncertain.