Trump pulls Rohit Chopra as director of the CFPB: NPR

The Trump administration dismissed Rohit Chopra, director of the Consumer Financial Protection Bureau.

This decision was widely expected because President Trump is likely to appoint a new agency director, which is a frequent target of republican attacks.

Chopra was operated by former President Joe Biden to lead the office in 2021. The post has a five -year term, but the Supreme Court judged in 2020 that the president can dismiss the director at will.

In a letter of resignation published on X, Chopra said that surveillance agencies such as the CFPB work to enforce the laws to “check the enormous influence that powerful companies have on our daily life”.

During her mandate, Chopra took a number of financial companies, including large banks.

In December, the agency continued the operator of Zelle, as well as the best banks in the country – Bank of America, Jpmorgan Chase and Wells Fargo, “so as not to protect consumers from generalized fraud”.

The CFPB is an independent office of the federal reserve system, and is funded outside the Congress credits process, with its funding from the Fed.

The CFPB was created in 2010 by the Dodd-Frank Wall Street Reform and Consumer Protection Act. This legislation was adopted following the 2008 financial crisis and was intended to prevent another crisis.

On the news on Saturday, consumer groups congratulated the management of Chopra on the agency on Saturday.

Under Chopra, “the CFPB fought against junk food, recurrences, major technological escapes and business deception. It defended competition, transparency, responsibility and financial health of consumers”, Adam Rust, Director of financial services for the consumption federation of the American consumption federation, said in a statement.

Banks seem to accept that the CFPB is there to stay, but they have changes they want to see.

“The input administration has a unique and important opportunity to institute significant reforms for the CFPB, both immediate and long -term, which can help transform the agency into a credible and lasting regulator that Americans deserve”, wrote the Consumer Bankers Association in a white paper in January.

The association called for immediate changes, in particular the cancellation of CFPB rules on overdrafts and delay costs of the credit card.

During a hearing of the Bank Senate Committee in December, the member of the Tim Scott ranking, RS.C., called for Chopra to resign the first day of Trump, and expressed his disgust that the CFPB had continued to issue rules and reports during the decreasing weeks of the Biden administration.

Scott also said that he was opposed to the financial structure of the CFPB. “It is unacceptable to have an agency with a budget of almost a billion dollars outside the credits process and we must find a way to solve this problem,” he said in a prepared statement.