Fired: The Fall of CFPB's Chopra

Rohit Chopra's time as the head of the Consumer Financial Protection Bureau (CFPB) came to an end when President Trump decided to let him go. Chopra's journey at the CFPB saw him push for changes that the financial industry didn’t always love. He tried to remove medical debt from credit reports and stop banks from charging too much for overdraft. Some financial experts saw his actions as overstepping the bounds of his authority. These were seen by some as steps towards making the financial system fairer and more competitive for everyday consumers. Trump, known for his pro-business stance, has been criticized for his less-than-friendly stance on regulations designed to protect consumers. It would seem that the Trump administration wanted the CFPB to ease up onthe rules that Chopra had put in place. Chopra had always wanted to work with the Trump administration so he could continue to do what he felt was right. He was prepared with policies that would block Russia, China, and other countries from using data brokers to spy on Americans. Chopra had set rules that would prevent people from losing their banking services for expressing their political or religious beliefs. He also analyzed Trump’s campaign proposal to limit credit card interest rates. Chopra’s career at the CFPB saw him working on several important issues. He was known as a figure who personifiedthe tension between Trump’s pro-business promises and his more populist appeals to voters. Critics in the financial sector wanted him out so Trump could steer the agency in a more business-friendly direction. Chopra's critics were not happy with his approach to regulation. They saw his policies as biased and harmful to consumers. These critics even went so far as to claim that Chopra’s actions reduced access to financial credit for vulnerable consumers. Despite the criticism, many liberal groups praised Chopra for his work. They believed that under his leadership, the CFPB returned billions of dollars to consumers and held "predatory corporations" accountable. These groups saw Chopra as a tireless defender of consumers and called his firing a blow to consumer protection. The CFPB was created after the 2008 financial crisis to oversee mortgages, car loans, and other consumer finance products. Republicans have long opposed the bureau, viewing it as an overreaching regulatory agency. The Supreme Court recently ruled that the way the CFPB is funded does not violate the Constitution. They are funded directly by the Federal Reserve, unlike most federal agencies.