- Messages
- 21,725
“… Chopra was tapped by former President Joe Biden to lead the bureau in 2021. The position has a five-year term, but the Supreme Court ruled in 2020 that the president can fire the director at will.
In a resignation letter posted on X, Chopra said watchdog agencies such as the CFPB work to enforce laws to "check the enormous influence that powerful firms have over our daily lives."
… "The incoming Administration has a unique and important opportunity to institute meaningful reforms to the CFPB, in both the immediate and long-term, that can help transform the agency into the credible and durable regulator Americans deserve," the Consumer Bankers Association wrote in a white paper in January.
The association called for some immediate changes, including rescinding CFPB's rules on overdrafts and credit card late fees.
… At a hearing of the Senate Banking Committee in December, ranking member Tim Scott, R-S.C., called for Chopra to resign on Trump's first day in office and expressed disgust that the CFPB had continued to issue rules and reports in the waning weeks of the Biden administration. …”