Trump fires the head of the Federal Consumer Monitoring Agency – Public Radio in South Carolina

The Trump Administration fired Rohit Chopra, Director of the Consumer Financial Protection Bureau.

This move was widely expected as President Trump is likely to name a new agency director, which is a common goal of Republican attacks.

Chopra was tapped by President Joe Biden to lead the desk in 2021. The position has a five -year term, but the Supreme Court ruled in 2020 that the president could fire the director if desired.

In a resignation letter published on X, Chopra said that the monitoring agencies like CFPB are working to implement laws to “check the enormous influence that powerful companies have during our daily lives.”

During his term, Chopra took a number of financial companies, including large banks.

In December, the agency filed a lawsuit against Zelle’s operator, as well as the best banks of the nation – Bank of America, JPMorgan Chase and Wells Fargo, “for failing to protect users from widespread fraud.”

CFPB is an independent desk within the federal reserve system and is funded mainly by transfers from combined Fed revenue.

CFPB was established in 2010 by the Law on Reform and Protection of Consumers of the DOD-Franc. This legislation was adopted after the 2008 financial crisis and was intended to prevent another crisis.

On Saturday’s news, consumer groups praised Chopra’s management to the agency.

Under Chopra, “The CFPB Has Fought Against Junk Fees, Repeat Offnders, Big Tech Evasions, and Corporate Deception. It Has Championed Competition, Transparency, Accountability Inancial Services for the Consumer Federation of America, said in a statement.

It seems that banks accept that CFPB is here to stay, but they have changes they want to see.

“Incoming administration has a unique and important opportunity to introduce significant CFPB reforms, both in the immediate and in the long run, which can help turn the agency into the authentic and durable regulator that Americans deserve,” writes the Banker Consumers Association In a white book in January.

The Association has called for some immediate changes, including canceling CFPB rules on overdrafts and delayed credit card fees.

At the Senate Banking Committee in December, the ranking of the Tim Scott, Rs.C., called on Chopra to resign on Trump’s first day of service and expressed disgust that CFPB continues to issue rules and reports during the declining weeks of administration to Biden.

Scott also said he was against CFPB’s financial structure. “It is unacceptable to have an agency with a budget of almost a billion dollars outside the budget loan process and we need to find a way to solve this problem,” he said in a prepared statement.

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