The head of the Consumer Financial Protection Bureau (CFPB) announced his departure on Saturday, becoming the latest Biden administration holdover official to be ousted by the Trump administration.
Rohit Chopra, who served as the director of the consumer watchdog agency since 2021, posted a letter addressed to President Trump online, in which he said his term leading the bureau “has concluded.” Chopra had been confirmed for a five-year term, which would have run through late 2026.
“With so much power concentrated in the hands of a few, agencies like the CFPB have never been more critical,” he wrote.
“I know the CFPB is ready to work with you and the next confirmed Director, and we have devoted a great deal of energy to ensure continued success,” Chopra added.
The Associated Press reported that Trump fired Chopra and was notified of his ouster in an email from the White House.
Trump appointed Chopra to a Democratic seat with the agency during his first term. He was confirmed to run the agency in a 50-48 Senate vote in September 2021.
The CFPB has sweeping authority to regulate and supervise the ways banks, lenders, debt collectors and insurance companies treat their customers. The bureau can unilaterally penalize those who violate consumer protection and fair lending laws, and all at the whim of the CFPB director, who has the final say over all agency regulations and enforcement actions.
Under Chopra’s leadership, the agency has taken aim at “junk fees.” That included numerous rules and enforcement actions targeting loan servicing fees, bank overdraft fees and credit card late fees.
The CFPB has also sought to address new developments in the financial services space, such as Buy Now Pay Later and digital wallets.
Republicans have long been skeptical of the agency. During Trump’s first term, former White House chief of staff Mick Mulvaney served as acting director and took actions to loosen the bureau’s oversight of financial firms, rollback agency regulations, reorganize key departments and rebrand the polarizing watchdog.
