Trump Fires Rohit Chopra, Biden-Appointed Head of Consumer Financial Protection Bureau

New York: US President Donald Trump has dismissed Rohit Chopra, the director of the Consumer Financial Protection Bureau (CFPB), who was appointed by former President Joe Biden. Chopra, whose five-year term was set to conclude next year, confirmed his firing in a letter on Saturday, acknowledging that his time as CFPB head “has concluded.” Reports indicate that Chopra received the news via email.

Chopra, one of the last Indian Americans appointed by Biden to hold prominent positions, is part of Trump’s broader effort to remove Biden administration holdovers. Prior to leading the CFPB, Chopra served as a member of the Federal Trade Commission, nominated by the Democratic Party.

Chopra’s Impact at CFPB

The CFPB’s primary mission is to protect consumers from “unfair, deceptive, or abusive practices” while managing consumer complaints. During his tenure, Chopra made notable moves, including fining international remittance company Wise $2.5 million for misleading advertising related to fees and exchange rates.

A Protégé of Senator Elizabeth Warren

Chopra was regarded as a protege of Senator Elizabeth Warren, a senior Democratic member of the Senate Banking Committee. Warren praised Chopra’s efforts to hold Wall Street accountable and protect vulnerable Americans. Under his leadership, the CFPB returned over $20 billion to consumers, addressing predatory lending, junk fees, and medical debt.

Chopra’s focus also extended to preventing de-banking and protecting consumers from being excluded from the financial system, including religious and political groups.

Chopra’s Response to Trump’s Policies

In his resignation letter, Chopra expressed his support for key policy issues Trump had advocated. He specifically mentioned analyzing Trump’s proposal to cap credit card interest rates, stating that a path for meaningful reform exists. Trump had suggested limiting credit card interest rates, which currently exceed 20%, to around 10%.

Chopra also discussed his efforts to block foreign surveillance on Americans, particularly by China and Russia. He proposed policies to prevent financial firms from de-banking or de-platforming Americans based on political or religious views. Trump had previously criticized social media companies for blocking him, viewing it as a free speech violation.

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A Shift in CFPB Leadership

Chopra’s departure marks the end of his tenure at the CFPB and signals continued changes in the agency as the Trump administration reshapes key regulatory positions.