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United States' Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra was fired on Saturday, cutting short his five-year term that was set to run through late 2026, The New York Times reported.
Chopra, who had been leading the CFPB since 2021, expressed gratitude for his tenure, highlighting the agency's efforts to hold financial institutions accountable and protect consumers. The CFPB is a unit of the Federal Reserve System charged with protecting families and honest businesses from illegal practices by financial institutions, and ensuring that markets for consumer financial products and services are fair, transparent, and competitive. Sharing a post on X, Chopra wrote, "It's been an honour serving as your @CFPB Director. Every day, Americans from across the country shared their ideas and experiences with us. You helped us hold powerful companies & their executives accountable for breaking the law, and you made our work better." https://x.com/chopracfpb/status/1885689592046559408 In a letter to President Donald Trump, Chopra wrote, "It has been an extraordinary privilege to serve as Director of the Consumer Financial Protection Bureau (CFPB) and as a Member of the Board of Directors of the Federal Deposit Insurance Corporation since 2021, as well as to serve as a Commissioner on the Federal Trade Commission from 2018 to 2021. I am grateful to both President Biden and you for nominating me and to the United States Senate for confirming me to these positions." "The global financial crisis that erupted in 2008 didn't just destroy trillions of dollars of family wealth. It also made Americans question whether regulators and law enforcement would hold companies and their executives accountable for their mismanagement or wrongdoing... I am proud that the CFPB has done so much to restore the rule of law. Since 2021, we have returned billions of dollars from repeat offenders and other bad actors, implemented dormant legal authorities and long-overdue rules required by law, and given more freedom and bargaining leverage to families navigating a complex and confusing financial system," the letter added. Notably, in 2018, Chopra was unanimously confirmed by the U.S. Senate as a Commissioner on the Federal Trade Commission, where he served until assuming office as CFPB Director. During his tenure at the FTC, he successfully worked to strengthen sanctions against repeat offenders, to reverse the agency's reliance on no-money, no-fault settlements in fraud cases, and to halt abuses of small businesses. He also led efforts to revitalize dormant authorities, such as those to protect the Made in USA label and to promote competition. Chopra previously served at the CFPB from 2010 to 2015. In 2011, the Secretary of the Treasury designated him as the agency's student loan ombudsman, where he led the Bureau's efforts on student lending issues. Prior to his government service, Chopra worked at McKinsey & Company, the global management consultancy, where he worked in the financial services, health care, and consumer technology sectors, according to CFPB. Chopra holds a BA from Harvard University and an MBA from the Wharton School at the University of Pennsylvania. (ANI)
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