President Trump has fired the director of the Consumer Financial Protection Bureau, Rohit Chopra, in the latest purge from the Biden administration.
Chopra was one of the more important regulators from the previous Democratic administration who was still on the job since Trump took office on Jan. 20.Chopra was notified of his firing in an email from the White House, according to a person familiar with the notice who was not authorized to discuss the matter publicly and spoke on condition of anonymity.Every day, Americans from across the country shared their ideas and experiences with us.
Chopra was to serve a five-year term, which meant he could have stayed on as the CFPB director. But he had publicly stated that he would break from the expected term length and leave his post if the new president asked.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Trump fires the director of the Consumer Financial Protection BureauPresident Trump fired the director of the Consumer Financial Protection Bureau, Rohit Chopra, in the latest purge of a Biden administration holdover.
Read more »
Technology's Cost: Consumer Exploitation and the Need for ProtectionThis letter argues that the increasing use of technology in retail is leading to consumer exploitation and calls for stronger consumer protection measures. It cites examples like self-checkout kiosks and rampant gift card scams, highlighting the lack of accountability and inadequate remedies for wronged consumers.
Read more »
Cash App Faces $255 Million in Settlements for Consumer Protection ViolationsCash App, owned by Block, agreed to pay $255 million in multiple settlements addressing consumer protection concerns. 48 states fined Block $80 million for failing to comply with regulations aimed at preventing illicit activities on its platform. The CFPB reached a separate settlement, requiring Block to pay $120 million to Cash App users and $55 million to the bureau for security vulnerabilities and inadequate customer support that exposed users to fraud.
Read more »
Cash App to Pay $255 Million in Multiple Settlements Over Consumer Protection ViolationsCash App faces hefty fines for alleged failures in security and consumer protection. The company settles with state regulators and the CFPB over claims of inadequate security, misleading practices, and difficulty in resolving disputes.
Read more »
Powell Calls for Increased Crypto Regulation, Emphasizes Risk Management and Consumer ProtectionFederal Reserve Chair Jerome Powell advocates for greater regulatory oversight of the cryptocurrency market during a press conference. He stresses the importance of risk management for banks engaging with crypto customers and highlights the need for consumer protection similar to that provided for stocks and mutual funds.
Read more »
New Federal Rule Could Eliminate Medical Debt from Credit ReportsA new federal rule announced by the Consumer Financial Protection Bureau (CFPB) aims to remove medical debt from credit reports, potentially boosting credit scores and increasing mortgage approval rates. The rule, which takes effect in 60 days, is welcomed by consumer advocates who argue that medical debt is not a reliable indicator of a consumer's ability to repay loans. However, the Consumer Data Industry Association (CDIA) representing credit reporting agencies, contends that the CFPB lacks legal authority to implement this change.
Read more »