President Donald Trump has dismissed Rohit Chopra, the director of the Consumer Financial Protection Bureau (CFPB), replacing him with a yet-to-be-announced appointee. Chopra's tenure, marked by aggressive regulation of tech companies and financial institutions, included initiatives to limit data broker practices, address bank fraud on Zelle, and subject digital payment services to stricter oversight.
President Donald Trump has removed Rohit Chopra from his position as director of the Consumer Financial Protection Bureau (CFPB). Chopra confirmed his departure in a statement posted on X, stating that his term as CFPB Director has concluded. According to a report by the Associated Press, Chopra was informed of his dismissal via an email from the White House.
During Chopra's tenure, which began in 2021, the CFPB adopted a stringent approach to regulating both tech companies and financial institutions. The CFPB recently proposed measures to curtail the ability of data brokers to sell personal information within the United States. It filed lawsuits against major US banks, alleging widespread fraud associated with Zelle, and issued a rule that would subject digital payment services like Apple Pay, Google Wallet, and PayPal to bank-like oversight. This latter rule is currently being challenged in court. Trump's decision to fire Chopra was widely anticipated, as the director's term was scheduled to expire in October 2026. Chopra, in his statement, emphasized the critical role of agencies like the CFPB in an era of concentrated power. He highlighted their efforts to curb excessive fees in banking and other sectors, address the issue of erroneous medical bills, and limit the encroachment of data brokers who potentially expose sensitive consumer data to foreign adversaries. Trump's recent administration has witnessed the replacement of numerous officials appointed by the Biden administration with his own appointees. Notably, Elon Musk, who is spearheading the government's spending reduction initiatives, advocated for the elimination of the CFPB last year. Senator Elizabeth Warren (D-MA) responded to Chopra's departure by asserting that Trump would require a robust CFPB and a capable director to achieve his objectives, such as capping credit card interest rates and reducing consumer costs. Warren cautioned that if Trump and Republicans prioritize the interests of Wall Street billionaires over those of consumers and seek to dismantle the agency, they would face strong opposition
CONSUMER FINANCIAL PROTECTION BUREAU ROHIT CHOPRA DONALD TRUMP FINANCIAL REGULATION TECHNOLOGY
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