President Trump has fired Rohit Chopra from his position as director of the Consumer Financial Protection Bureau.
Chopra, a political ally of Sen. Elizabeth Warren, was appointed to run the CFPB by President Biden in 2021. But unlike other Biden appointees, he opted not to resign ahead of the Trump inauguration. His continued presence at the agency created controversy among Republican lawmakers and business leaders who felt his enforcement actions against financial services company was regulatory overkill.
Chopra acknowledged his departure on X by stating, ” It’s been an honor serving as your @CFPB Director. 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.” He also shared a letter to President Trump claiming that he was “proud that the CFPB has done so much to restore the rule of law” during his directorship. He added that “with so much power concentrated in the hands of a few, agencies like the CFPB have never been more critical.”
The White House did not announce a proposed successor to Chopra.
Good riddance, about time.
Trying to cripple the CFPB only benefits those that are making money off the backs of consumers through questionable acts.
Has everyone forgotten what happened in 2008 and the aftermath that exposed banks, mortgage brokers and real estate brokers/agents bad behaviour. Getting loans approved for people that wouldn’t be able to repay them is immoral and cruel. It ruined the lives of many who should never have gotten the loans in many ways. The aftermath was homeowners were taken advantage of in the foreclosure process. What the banks did to homeowners struggling to make payments was a travesty. The rich enjoyed huge profits and the public suffered. I remember families living in their cars and abandoned homes. Real estate agents lost their homes and begged me to by their cars because they couldn’t make payments and needed money to buy food. That’s what having no one to look out for the consumer leads too!!!!
Consumers need to be proactive & educate themselves. The used up “it’s everyone else’s fault but mine” is no longer a very good excuse.
@Linda, You are 100% correct and I bet that anyone that supports this behavior has no empathy for humankind but people will eventually rep what they sow regardless if you’re rich or poor. 2008 will be back in play in a year or so. Hopefully, some will be smart enough not to over consume and get only what they need until this pass.
This is not “crippling”, it’s improving. “Fair lending” was forced to make illegitimate loans and now the CFPB has to answer for it. It’s not rocket science.
The CFPB is the largest and most unwieldy government agency. It’s efforts have been clearly towards a political left agenda and its leadership under Chopra would have been counter to the new administration. This is a good thing.
It was always about the greed and the bigotry and hate!
This will all come back to bite trump’s ass in a big way. It is part of his own self-destruct conduct. But he has no knowledge of how government works. He does not understand the intricacies of the American economy…and lastly, he can not eradicate the diverse half of the population by eliminating DEI. And his deportation program and now this detention centers are signs that he is instituting an Auschwitz without hopefully gas chambers. It is a disgrace for America and human kind. America elected this low IQ man, now we have to live in the gutter for four years and eat this slime.
This is a very ignorant statement. Obviously you are far left and not “pro” people. Just the DEI left and favored? Such a shame
Not sure he has a low IQ, which makes his behavior even worse.
He is making more enemies per minute than probably anyone on earth ever probably has.
If he makes it through his term, he will be extremely lucky if they don’t pull his Secret Service protection when he is done. I am sure he is well aware of that and makes him more likely to not want to leave office…. as he promised. Fortunately, pulling protection from your adversaries is not an American tradition. Only Trump tries to destroy everything that is (was) good about America.
What in gods name has this country done? What happened to caring for others? Honesty? Civil Rights?
Frightening.
WOW! Now that’s a short sighted comment!
Sounds like your motto is “Don’t confuse me with the facts, I’ve already made up my mind”.
Trump knows how business works and government is a huge very crooked business/swamp. He can only do so much in 4 years, but our politicians seem to get very rich while in office.
Says the supporter of a man who has run several companies into the ground and declared bankruptcy. Trump may know how business works but to the end of how he can personally benefit. Funny that you put the man in charge who is an expert on crooked business/swamp….
Just this fact alone “ Chopra, a political ally of Sen. Elizabeth Warren” is a no go.
So much winning 🏆
Some people forgot that the reason banks were making loans to unqualified borrowers was primarily because of government regulations. They feared penalties for lending discrimination.
Yes, many either forgot or were unable to see due to the democratic smoke and mirrors.
Y’all just cannot resist standing the flames, can you? Most Americans do not understand that it is customary for cabinet appointee to offer their resignation to the new president after an election, even if it’s a president of the same party as the previous administration. Chopra, for whatever reason decided not to follow the tradition. So was he really fired? Or did the president ask for his resignation? Of course if a president asks, and he refused, the president certainly has the right to terminate his contract.
Government Overregulation hurts business, consumers and the economy by overreaching restrictions. The estimate of Biden’s new regulations put the compliance cost to small businesses and large businesses alike nearly One Trillion Dollars! That is not how to create jobs or nurture a growing economy. Sadly many who favor the overregulation rarely actually read the far reaching restrictions that cost far more for consumers than not. Housing in California, as an example, regulations now are up to 50% the cost of building a house! No opportunity for affordable housing with that type of bloated fees and government expenses!
I was there (in business) at the creation of CFPB among other things, such as the
Red Flags filing. The CFPB had no one to answer to. (except the President abviously).
There weren’t check and balances in place.
Kathyjo, make sure you know what you are speaking and not just using someone elses rhetoric.
Learn the different types of bankruptcies. For example, know which kind bankruptcy President Trump used. It is okay he is rich and okay you do not prefer his style of governing this county to make it great again for you and your family.
It is okay to disagree but know why. Most do not understand the the power the CFPB has.