Rohit Chopra Steps Down from Consumer Protection Bureau Amidst Agency Scrutiny
Chopra announces his resignation as director of the CFPB, wrapping up a tenure characterized by assertive regulation and intense scrutiny of the agency.
Rohit Chopra, who has served as the director of the Consumer Financial Protection Bureau (CFPB), shared news of his resignation on Saturday. His announcement comes amid criticisms from Republicans and other entities regarding alleged regulatory overreach, as well as ongoing constitutional debates regarding the agency’s legitimacy.
“Our agency has led initiatives across the government aimed at eliminating the burden of junk fees in banking and other sectors, addressing the harmful effects of erroneous medical bills, and curbing the invasive practices of data brokers that compromise our sensitive information to foreign adversaries,” Chopra stated.
The White House has yet to respond to inquiries about whether Chopra was dismissed by Trump and whether the president intends to appoint an interim director before selecting a successor for the position, which requires Senate approval.
Related Stories
Since its formation in 2011, the CFPB has been perceived by Republicans as a bloated and unaccountable entity. Chopra, closely associated with Senator Elizabeth Warren (D-Mass.), has been recognized for his confrontational regulatory strategies, which are expected to be reassessed by the next director.
“Under Rohit Chopra’s guidance, the CFPB has held Wall Street accountable for deceiving hardworking families and has stopped the debanking of Americans, which includes consumers excluded from the financial system by overdraft fees, as well as religious groups and conservatives,” Warren asserted.
Warren echoed Chopra’s sentiment that the CFPB’s purpose aligns with some of Trump’s priorities, while cautioning against dismantling efforts.
“President Trump pledged to cap credit card interest rates at 10 percent and reduce costs for Americans,” she noted. “He requires a robust CFPB and a strong CFPB Director to achieve that. However, if President Trump and Republicans choose to submit to Wall Street billionaires and dismantle the agency, they will find themselves facing opposition.”
Chopra’s resignation arrives in a context of protracted legal and political skirmishes concerning the CFPB’s jurisdiction, with detractors focusing on its leadership composition and its function in overseeing the financial sector.
