The Trump administration triggers the chef of the Consumer Office Rohit Chopra

The director of the Consumer Financial Protection Bureau, Rohit Chopra, was dismissed on Saturday, prematurely ending a five -year term which was to take place at the end of 2026.

“With so much concentrated power in the hands of a few, agencies like the CFPB have never been so critical,” wrote Mr. Chopra in a letter he published on social networks announcing his departure.

Mr. Chopra expected to be dismissed immediately after President Trump took office, but he improbable for almost two weeks, even though the president overthrew dozens of other agency leaders. He used this time to inflict a fine of $ 2 million on a money issuer and publish reports on car loan costs, specialized credit report companies and rent payment data.

When the Congress created the Consumer Bureau in 2011 – to increase monitoring of mortgage loans and other financial products in the aftermath of the great recession – it included railing to protect the independence of the agency and protect it from changing political tides. But the Supreme Court judged in 2020 that the president was free to dismiss the director of the agency without reason, which paved the way for the management of the office to change with each presidential administration.

Mr. Chopra was a scourge of Wall Street, known for his aggressive approach to apply consumer protection laws and expand their limits by issuing new rules. He led a repression that prompted most large banks to give up or considerably reduce overdraft costs, and he ordered Wells Fargo to pay $ 2 billion in 2022 to clients injured by his misdeeds, in particular by grasping badly borrower cars and houses.

Mr. Chopra was particularly focused on the tightening of the rules governing the payment services of major technology companies and the use of customer data, an effort that praised banking groups. But these groups fiercely opposed many of its other actions, often linking them in years of disputes.