
New York
CNN
—
President Donald Trump has fired Rohit Chopra, the director of the Consumer Financial Protection Bureau.
Chopra received an email from the White House on Saturday morning informing him of the firing, a source familiar with the matter told CNN.
Chopra, who has been hammered by Republicans for his actions to rein in businesses, announced his departure in a post on X on Saturday.
“This letter confirms that my term as CFPB Director has concluded. I know the CFPB is ready to work with you and the next confirmed Director, and we have a great deal of energy to ensure continued success,” Chopra wrote.
“It’s the executive’s decision and prerogative to see who they want in that role,” a White House official told CNN.
The CFPB declined to comment on the news.
Major consumer banks including Capital One, Bank of America and JPMorgan Chase are among companies facing lawsuits from the CFPB. They, alongside tech industry leaders, have encouraged Trump to remove Chopra from his role — which was made possible by a 2020 Supreme Court ruling that enabled presidents to fire CFPB directors.
Chopra was appointed in 2021 by former President Joe Biden to serve as director of the bureau that regulates financial agencies. The director of the CFPB, who under law was to serve a five-year term, also serves as a board member of the Federal Deposit Insurance Corporation, voting on key banking regulations. Chopra will no longer be serving in that role either.
In his time at the CFPB, Chopra spearheaded controversial regulation limiting overdraft fees banks can charge as well as late fees credit card companies could collect from customers.
The rule intending to cap credit card late fees at $8 was later struck down by a federal judge. The CFPB rule on overdraft fees, which would cap them at $5 — a substantial savings from the $35 that customers are typically charged — was finalized at the end of last year but is likely to face legal challenges, as well.
This is a developing story and will be updated.