Trump Dismisses Rohit Chopra, CFPB Leader Appointed by Biden
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Synopsis
US President Donald Trump has terminated Rohit Chopra's role as the head of the Consumer Financial Protection Bureau, a position he held after being appointed by Joe Biden. Chopra's tenure included significant actions to protect consumers and address financial practices.
Key Takeaways
- Trump fires Rohit Chopra from CFPB.
- Chopra's term was set to conclude next year.
- He previously served on the Federal Trade Commission.
- Chopra fined Wise over $2.5 million for misleading fees.
- Senator Warren praised Chopra’s consumer protection efforts.
New York, Feb 2 (NationPress) US President Donald Trump has dismissed Rohit Chopra, who was appointed as the head of the Consumer Financial Protection Bureau (CFPB) by former President Joe Biden.
In a letter to Trump on Saturday, Chopra acknowledged that his term as the director of the CFPB “has concluded.” Media reports indicated that he was notified of his dismissal via email.
Chopra, whose five-year term was set to expire next year, was among the final remaining Indian Americans appointed by Biden in prominent positions following Trump’s takeover.
Prior to his appointment at the CFPB, Chopra served on the Federal Trade Commission as a nominee of the Democratic Party.
The mission of the bureau is to protect consumers from “unfair, deceptive, or abusive practices” and to address consumer complaints.
In his final significant action at the CFPB, Chopra imposed a fine of approximately $2.5 million on the international remittance company Wise for misleading fee advertisements and inadequate disclosure of exchange rates.
Chopra was seen as a protégé of Senator Elizabeth Warren, a progressive and senior Democratic member of the Senate Banking Committee.
Warren lauded Chopra’s efforts at the CFPB, stating that under his leadership, “the CFPB is holding Wall Street accountable for cheating hard-working families and preventing the de-banking of Americans across the country, including consumers excluded from the financial system due to overdraft fees, religious organizations, and conservatives.”
“Since its inception, the agency has returned over $20 billion to consumers, shielding Americans from junk fees, medical debt, and predatory lending,” she added.
Chopra’s letter shared on X was devoid of bitterness, and he referenced his initiatives on three policy matters that Trump had championed during his campaign. He noted that he has “analyzed your promising proposal on capping credit card interest rates and we see a pathway for implementing meaningful reforms.”
Trump has indicated a desire to limit credit card interest rates, which currently can surpass 20 percent, to approximately 10 percent.
Chopra also proposed regulations to “prevent China, Russia, and other nations of concern from conducting surveillance operations on Americans through commercial data brokers.”
He suggested policies to “prohibit financial institutions and tech giants from de-banking and de-platforming Americans based on their speech or religious perspectives.”
Trump himself experienced restrictions from social media platforms that blocked his access.
