Rohit Chopra, the director of the Consumer Financial Protection Bureau (CFPB), was abruptly fired by President Donald Trump Saturday morning.
"Every day, Americans from across the country shared their ideas and experiences with us. You helped us hold powerful companies & their executives accountable for breaking the law, and you made our work better," Chopra said in a post on X, which his departure alongside a detailed letter he sent to Trump.
It's been an honor serving as your @CFPB Director.
— Rohit Chopra (@chopracfpb) February 1, 2025
Every day, Americans from across the country shared their ideas and experiences with us. You helped us hold powerful companies & their executives accountable for breaking the law, and you made our work better.
Thank you. 🇺🇸🇺🇸🇺🇸 pic.twitter.com/JD7lIcwmHa
The White House informed Chopra of his dismissal via email, a source told CNN.
Chopra had been praised by consumer advocates for his aggressive stance on corporate accountability but has been heavily criticized by GOP lawmakers.
His tenure at the CFPB saw lawsuits against Capital One, Bank of America and JPMorgan Chase; this drew backlash from the banking industry and tech leaders.
These corporations had pushed for his removal, a move that Trump ultimately executed, per CNN.
"This letter confirms that my term as CFPB Director has concluded. I know the CFPB is ready to work with you and the next confirmed Director, and we have a great deal of energy to ensure continued success," Chopra wrote to Trump. "I'm proud that the CFPB has done so much to restore the rule of law. Since 2021, we have returned billions of dollars from repeat offenders and other bad actors."
The decision to fire Chopra was made possible by a 2020 Supreme Court ruling that granted sitting presidents the authority to remove CFPB directors at will.
"It's the executive's decision and prerogative to see who they want in that role," a White House official declared.
The CFPB now faces uncertainty as the Biden-appointed director leaves office. Chopra, who also served as a board member of the Federal Deposit Insurance Corporation, led controversial regulations to limit overdraft fees and cap credit card late fees.
His proposed rule to limit credit card late fees to $8 was struck down by a federal judge, while his overdraft fee cap to reduce charges from $35 to $5 was finalized last year but is now likely to face legal challenges.
