President Donald Trump fired the Director of the Consumer Finance Protection Bureau Rochito Chopura in the latest purge held by the Biden administration.
Chopura was one of the more important regulators of the previous Democratic government, which had been working since Trump took office on January 20. During the period of Chopura, we saw the removal of medical debt based on the restrictions of the credit report and the penalties for over -the -counter lending. Financial systems can be more fair and competitive in a way to use consumers. However, many of the financial industry considered his actions as over -regulated.
In a social media post about his departure on Saturday, Chopra thanked the government’s consumer finance watchdog agencies to the people from all over the country who “shared ideas and experiences.”
“You have helped us to be responsible for breaking our powerful companies and their executives, and you have improved our work,” says Chopra. I posted the above on the photo of his letter, which announced that it would not lead a station.
During the first term of Trump, Republican members chose Chopura as a Democratic member of the Federal Trade Commission.
In his letter, Chopura pointed out that the bureau is ready to cooperate with the Trump administration. He prepares rules for government agencies to block the use of data brokers to investigate Americans, and to express political or religious views. He said that it has announced a policy aimed at hindering people from losing access to bank services to exercise.
The letter also pointed out that CFPB analyzed Trump’s campaign proposal to reduce the interest rate of credit cards.
CHOPRA was notified of e -mail firing, according to those who are familiar with the notification of not being allowed to disclose the problem.
Under the law, Chopura was to be a five -year term, so he was able to stay as a CFPB director. However, when the new president asked, he publicly stated that he would leave his post.
In many ways, Chopra has examed Trump’s promise to suppress corporate regulations and some of his power to appeal to voters. When AP communication reported that Chopura had left his job after Trump swears on January 22, his critic in the financial sector needs to reject him immediately. I said.
“The longer the Chopura stay, the more difficult it is to cancel the agenda of the political -leading government price setting that President Biden’s appointment has been involved in the station over the past few years. “Shou” Weston sent by email. Lloyd, a spokeswoman of the Consumer Bank Association.
Richard Hunt, chairman of the Electronic Payment Union, claimed that Chopura’s employment has reduced Chocopra’s policy that “vulnerable consumers” have reduced the number of access to financial trust. It was marked by witch hunting and political weapons. “
However, many liberal groups emphasized that Chopura’s work would help consumers return billions of dollars.
Kitty Richards, a former official of the Ministry of Finance and a senior strategic advisor to the liberal think tank basic cooperation, said that Chopra was “a looted company is responsible,” and “monitoring without fatigue.”
“Trump was always interested in serving his billionaire juvenile clubs, rather than bringing changes for workers,” Richards said.
Chopura is an alliance of Senator Elizabeth Warren, one of the leading and criticism’s targets of the CFPB ideas. Massachusetts’ Democratic members stated in a statement that the bureau under Chopura had been holding the “Wall Street’s responsibility” to deceive the hard -working family and prevent the collapse of Americans nationwide.
Maxin Waters, California, who is a top Democratic Party member of the House of Representatives Financial Service Committee, says that the dismissal of Chopura is “the end of a strong consumer protection and a plan to end this important institution.” I mentioned.
After the 2008 financial crisis, it was established to regulate home loans, car loans, and other consumer finances. It has been opposed by the Republican Party and its financial supporters for a long time.
Last year, the Supreme Court refused to impair the station, and decided that the way to provide funds would not violate the constitution. Unlike most federal agencies, the bureau does not depend on parliamentary annual budget processes and is directly funded by the Federal Reserve.
