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Cnn
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President Donald Trump dismissed Rohit Chopra, director of the Consumer Financial Protection Bureau.
Chopra received an email from the White House on Saturday morning, informing him of the dismissal, said a familiar source with the CNN affair.
Chopra, which was targeted by republican legislators for imposing restrictions on financial institutions in favor of consumers, announced its departure on X on Saturday.
“This letter confirms that my mandate as director of the CFPB has concluded. I know that the CFPB is ready to work with you and the next confirmed director, and we have a lot of energy to ensure continuous success, ” Chopra wrote.
The CFPB refused to comment on the news.
“It is the decision and prerogative of the executive to see whoever they want in this role,” a White House official told CNN.
Large consumer banks, including Bank of America and Jpmorgan Chase, are among the companies faced with prosecution from the CFPB. They, alongside the heads of the technological industry, encouraged Trump to withdraw Chopra from his role – which was made possible by a 2020 Decision of the Supreme Court This allowed presidents to dismiss CFPB directors.
Chopra was appointed in 2021 by former president Joe Biden to be director of the office who regulates financial agencies. The director of the CFPB, who under the law was to serve a five -year term, also serves as a member of the board of directors of the Federal Deposit Insurance Corporation, voted on the main banking regulations. Chopra will no longer serve this role either.
In its time at the CFPB, Chopra directed the controversial limiting regulations overdraft Banks can charge as well as delay costs on credit card companies could collect with customers.
The rule which intended to cap the delay costs on the credit card at $ 8 was later struck by a federal judge. The CFPB rule on overdraft costs, which would cap them at $ 5 – a substantial economy compared to the $ 35 that customers are generally invoiced – was finalized at the end of last year but is likely to deal with legal challengesAlso.
Under the direction of Chopra, the CFPB also finalized A rule making personal data more accessible so that it is easier to change bank. Before Trump took up his duties this month, the agency finalized A rule that would remove approximately $ 49 billion in credit reports from credit reports.
“People who fall sick should not have their upset financial future,” said Chopra in a statement on January 7.
The consumer supervisory agency was created after the 2008 financial crisis through the Dodd-Frank Wall Street Reform and Consumer Protection Act. The agency was an original idea of Democrat Senator Elizabeth Warren, who began to defend this in 2007 when she was a professor of the Harvard Law School.
Warren, a classification member of the Senatorial Banks, Housing and Urban Affairs Committee, applauded Chopra to “keep Wall Street responsible for having cheated hard-working families,” she said in a statement on Saturday.
Despite their differences with Trump, Warren and several progressive legislators, including Senator Bernie Sanders, reported their support for the president’s campaign promise to temporarily cap the credit rates at 10% – less than half of the current rates According to data from the Federal Reserve.
To keep this promise, Warren said Trump “needed a strong CFPB and a solid CFPB director”, adding that “President Trump and the Republicans decide to curl up the billionaires of Wall Street and destroy The agency, they will fight on their hands. ”
Jeanne Shahadi of CNN contributed to this report.
This story has been updated with additional content.