PALM BEACH, Fla. — President Donald Trump has fired Rohit Chopra, the director of the Consumer Financial Protection Bureau (CFPB), as part of his effort to remove officials appointed by the Biden administration.
Chopra was one of the few remaining regulators from the previous Democratic administration still in office since Trump took over on January 20. During his tenure, he worked on policies that aimed to make the financial system fairer for consumers. His efforts included removing medical debt from credit reports and limiting overdraft penalties. While these policies were praised by consumer advocates, many in the financial industry viewed them as excessive regulations.
After his removal, Chopra shared a message on social media, thanking the public for their support. He expressed gratitude to those who shared their experiences with the CFPB and emphasized that their input helped hold powerful corporations accountable. His post included images of his resignation letter.
During Trump’s first term, Chopra was appointed as a Democratic member of the Federal Trade Commission. In his farewell letter, he assured that the CFPB was ready to work with the new administration. He highlighted the agency’s efforts to prevent countries like Russia and China from using data brokers to monitor Americans. He also mentioned policies aimed at protecting individuals from being denied banking services due to their political or religious beliefs. Additionally, he noted that the CFPB had analyzed Trump’s proposal to cap credit card interest rates.
Chopra was notified of his firing via email, according to an anonymous source familiar with the situation. Legally, his term was supposed to last five years, meaning he could have stayed in office. However, he had previously stated that he would leave if asked by the new president.
Chopra’s removal reflects the ongoing tension between Trump’s pro-business stance and his populist promises to voters. Financial industry representatives were quick to call for his dismissal, arguing that his regulations made it harder for businesses to operate. Critics, such as Richard Hunt from the Electronic Payments Coalition, accused Chopra of misusing his position for political purposes, claiming his policies reduced access to credit for vulnerable consumers.
On the other hand, many consumer advocates supported Chopra’s work. Kitty Richards, a former Treasury Department official, praised him for holding corporations accountable. Senator Elizabeth Warren and Representative Maxine Waters also defended Chopra, emphasizing that his leadership helped protect American families.
The CFPB was established after the 2008 financial crisis to regulate financial products like mortgages and car loans. Despite Republican opposition, the Supreme Court recently upheld its funding structure, ensuring its continued operation.