Chopra out at the CFPB

WASHINGTON — Consumer Financial Protection Bureau Director Rohit Chopra said in a social media post that he is no longer at the bureau, ending a weeks-long period of angst from bankers who wondered why Chopra continued to hold his spot in the new Trump administration. 

“This letter confirms that my term as CFPB Director has concluded,” Chopra said in a letter to President Donald Trump, posted to the social media site X on Saturday morning. “I know the CFPB is ready to work with you and the next confirmed director, and we have devoted a great deal of energy to ensure continued success.” 

Trump has not yet named a new acting director or nominated someone to post. His options are somewhat limited, as the Vacancies Act dictates that the No. 2 official at the bureau will lead it, unless Trump appoints someone of his choosing. However, any appointee selected by the president has to have already been confirmed by the Senate for another role. 

In his letter to Trump, Chopra appealed to Trump’s campaign promise of capping credit card interest rates, and urged him to continue some of the the work that Chopra began at the bureau. 

In addition to proposing rules to “block China, Russia and other countries of concern from conducting surveillance operations on Americans using commercial data brokers,” a policy move that fits with some of Trump’s populist rhetoric, Chopra said that there are other areas of agreement between the work that the CFPB has been doing and Trump’s priorities. 

“We have also put forth policies to block financial firms and technology giants from debanking and deplatforming Americans based on their speech or religious views, while also restoring freedom and other individual rights,” Chopra said. “The next CFPB Director will also be able to act on the evidence that we have already uncovered in law enforcement investigations of Big Tech and Wall Street firms. We have also analyzed your promising proposal on capping credit card interest rates, and we see a path for enacting meaningful reforms.” 

Consumer groups and Democratic lawmakers immediately decried Chopra’s exit from the bureau. 

“President Trump campaigned on capping credit card interest rates at 10% and lowering costs for Americans,” said Sen. Elizabeth Warren, D-Mass., ranking member of the Senate Banking Committee and a lead architect in creating the CFPB. “He needs a strong CFPB and a strong CFPB Director to do that. But if President Trump and Republicans decide to cower to Wall Street billionaires and destroy the agency, they will have a fight on their hands.” 

Rep. Maxine Waters, D-Calif., ranking member of the House Financial Services Committee, also promised to fight Republicans’ efforts to dismantle the bureau. 

“Make no mistake, today’s decision is the first step by Trump, his co-President Elon Musk, and their Republican allies in Congress to dismantle the agency entirely, leaving consumers with no place to turn to for help and no real watchdog to hold predatory lenders and other bad actors accountable,” Waters said. “Rest assured, my fellow Committee Democrats and I will continue to fight, as we have for more than 14 years, to defend the CFPB from Republican attacks and ensure they stay true to its mission of protecting hardworking Americans from financial institutions who continue to profit at their expense.” 

Chopra hung on to his post well beyond what many in the industry anticipated. His continued presence at the CFPB until Saturday called into question other top financial regulatory posts that the Trump administration has left unfilled, including that of acting Comptroller of the Currency Michael Hsu and the soon-to-be vacant vice chair for supervision spot at the Fed. 

The White House did not immediately respond to questions about who will now lead the bureau.