President Trump fired Rohit Chopra, the director of the Consumer Financial Protection Bureau (CFPB) on Saturday, abruptly ending a five-year term scheduled to run through late 2026. The Associated Press reported that Chopra was notified of his firing in an email.
Chopra confirmed the news via a letter posted on X that read “With so much power concentrated in the hands of a few, agencies like the CFPB have never been more critical.”
The news comes a few weeks after inauguration day, with many surprised that Chopra outlasted President Trump’s initial government firing sweep.
Chopra was appointed in 2021 by former President Joe Biden to serve as the CFPB’s director. During his tenure, Chopra was known for his aggressive approach to enforcing consumer protection laws.
During his time at the bureau, Chopra led a crusade against junk and overdraft fees, which most large banks ended up abandoning or reducing. In 2022, Chopra ordered Wells Fargo to pay $2 billion in redress to over 16 million consumers harmed financially by the bank.
Per the New York Times, the bureau will be run by Zixta Martinez, the CFPB’s deputy director, until a new acting leader is selected by President Trump.
The bureau, created after the 2008 financial crisis to regulate mortgages, car loans and other consumer finances, has long been opposed by Republicans and their financial backers.
