President Trump has removed Rohit Chopra as director of the Consumer Financial Protection Bureau, Chopra announced on his X account. Trump on Monday announced that Treasury Secretary Scott Bessent will serve as acting director of the CFPB.
Chopra has led the CFPB since 2018, after his confirmation by the Senate. In that role, he had often taken an aggressive stance on industry regulation, with his critics arguing the bureau regularly overstepped its statutory authority. Under Chopra’s watch, the American Bankers Association has joined with other associations and businesses in suing the CFPB over overdraft fees, updates to the Unfair, Deceptive, or Abusive Acts or Practices manual and credit card late fees. Other industry groups have challenged the bureau on the implementation of the Section 1033 rule and extending its regulatory authority to payment apps and digital wallets.
In a letter announcing his termination, Chopra said the 2018 financial crisis made Americans question whether regulators and law enforcement would hold companies and their executives accountable for mismanagement or wrongdoing.
“That’s what agencies like the CFPB work to fix: to make sure that the laws of our land aren’t just words on a page,” he said. “Those laws are intended the check the enormous influence that firms have over our daily lives.”
Editor’s note: This story was updated following the announcement of Bessent as acting director.
