President Trump dismissed Rohit Chopra, the director of the Consumer Financial Protection Bureau (CFPB), cutting short his five-year term that was supposed to end in late 2026. According to The Associated Press, Chopra was informed of his firing via email.
Chopra confirmed the news through a letter posted on X, where he expressed the importance of agencies like the CFPB in the current centralized power structure.
This development comes shortly after inauguration day, surprising many who expected Chopra to be let go during President Trump’s initial government reshuffle.
Originally appointed by former President Joe Biden in 2021, Chopra served as the CFPB director and was recognized for his firm stance on enforcing consumer protection laws.
During his tenure, Chopra led a campaign against excessive junk and overdraft fees, prompting major banks to either reduce or eliminate these charges. In 2022, Chopra ordered Wells Fargo to compensate over 16 million affected consumers with $2 billion.
As per the New York Times, Zixta Martinez, the CFPB’s deputy director, will oversee the bureau until a new acting leader is appointed by President Trump.
The CFPB, established post the 2008 financial crisis to regulate consumer finances like mortgages and car loans, has faced opposition from Republicans and their financial supporters.