(C) Common Dreams
This story was originally published by Common Dreams and is unaltered.
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Trump Administration Fires Consumer Bureau Chief Rohit Chopra [1]
['Stacy Cowley']
Date: 2025-02-01
The director of the Consumer Financial Protection Bureau, Rohit Chopra, was fired on Saturday, prematurely ending a five-year term that was scheduled to run through late 2026.
“With so much power concentrated in the hands of a few, agencies like the C.F.P.B. have never been more critical,” Mr. Chopra wrote in a letter he posted on social media announcing his departure.
Mr. Chopra expected to be fired immediately after President Trump took office, but he improbably hung on for nearly two weeks, even as the president ousted scores of other agency leaders. He used that time to impose a $2 million fine on a money transmitter and release reports on auto lending costs, specialty credit reporting companies and rent payment data.
When Congress created the consumer bureau in 2011 — to increase oversight of mortgage loans and other financial products in the aftermath of the Great Recession — it included guardrails to protect the agency’s independence and shield it from shifting political tides. But the Supreme Court ruled in 2020 that the president was free to fire the agency’s director without cause, which cleared the way for the bureau’s leadership to change with each presidential administration.
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[1] Url:
https://www.nytimes.com/2025/02/01/business/cfpb-rohit-chopra.html
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