ROHIT CHOPRA, the director of the Consumer Finance Protection Bureau, was fired on Saturday and ended early in the five -year term scheduled to be held in late 2026.
“As a very many power focuses on a small number of hands, institutions like CFPB have become more critical,” said Chopura to the social media to announce his departure. I wrote it in the letter.
Chopra expected to be fired shortly after President Trump was appointed, but he had been hanging out for almost two weeks, even if the President expelled another agency leader. He used that time to impose a fines of $ 2 million to the gold sender, released a report on car loan costs, professional credit reports, and rental payments.
When Congress established a consumer bureau in 2011 -to protect the independence of the institution and protect it from changes in political tide to increase mortgages and other financial products in the aftermath of the Great recession. It included a guardrail. However, in 2020, the Supreme Court ruled that the president would freely dismiss the directors of the Agency for free, and cleared the leaders of the bureau to cut the path that would change in each presidential administration. 。
Chopra is a tragedy of Wall Street, and is known for its active approach to expand the boundaries by implementing the Consumer Protection Law and issuing new rules. He led the repression of most major banks to abandon or significantly reduce the fees, and he ordered to pay $ 2 billion in 2022 in 2022 and harm the wrongdoing. Is over.
Chopra focused on tightening rules for consumer payment services and customer data use of large -scale technology companies. However, these groups opposed many other actions and often linked them in many years of lawsuits.
As part of the Biden Administration Cross Army, Chopra has issued a rule last year to limit most credit card delays to $ 8 per month last year. The banking industry has sued and has temporarily blocked an order. The Consumer Bureau has filed a lawsuit, but the new director can end the opposite and choose to reduce or abandon the rules.
During the first term of President Trump, he set up Mick Malvanny, the director of the agency. Mick Malvanny later served as his deputy officer. He was taken over by Cathleen Claninger, and he issued a rule that hindered the regulations of the Obama era. Former President Joseph R. Videen Jr. expelled Claninger shortly after taking office.
The bureau will be operated by the Deputy Director ZIXTA Martinez, until Trump chooses a new leader. Financial industry officials hope that agencies will reduce surveillance, issue new regulations, and freeze or withdraw some of the ones imposed by Chopra.
He used a departure to Trump to sell his station as a future partner to enact consumer protection that the president talked about his support. Trump said in the trajectory of the presidential election that credit card interest rates would temporarily limit 10 %.
“We have also analyzed your promising proposals to limit credit card interest rates, and we believe there is a way to enact meaningful reform,” says Chopura. 。
