WASHINGTON (AP) — Rohit Chopra, director of the Consumer Financial Protection Bureau, is waiting for a phone call, letter, email, text — anything, really — from the Trump administration to say whether to fire him. what is being done
After all, Chopra is a Biden administration appointee. She is one of President Donald Trump’s favorite targets, Sen. Elizabeth Warren, D-Mass. are allies of Chopra has already filled his office a few blocks from the White House. His picture no longer hangs in the lobby.
But as of Wednesday, Chopra is one of the key regulators in the Biden administration still on the job as Trump cleans house. That’s according to a person familiar with Chopra’s situation, who insisted on anonymity to describe his status. Of course, it was Trump who selected Chopra as a Democrat to the Federal Trade Commission during his first term.
For a president who took office with aggressive plans to reshape Washington, it seems Trump hasn’t fully communicated with Chopra’s agency what he wants. Bureau under his leadership Junk fees dealt with.limited Overdraft penalties And Removed medical debt From people’s credit ratings. His continued presence on the job may speak to how Trump’s desire to move quickly to take control of the government may lead to some oversights, but also to Trump’s populism entirely with his business supporters. There is also the challenge of integrating with demands to reduce regulations.
CFPB spokeswoman Alison Press declined to comment on Chopra’s employment status. White House officials did not respond to questions about his status.
As a candidate, Trump promised to cap interest on credit card debt, and the bureau has privately worked on the issue if the president wants to follow through on his promise.
“While working Americans have to catch up, we’re going to put a temporary cap on credit card interest rates,” Trump said at a rally in September. “We’re going to limit it to about 10 percent. We can’t let them make it 25 and 30 percent.
By law, Chopra’s term is five years, which means he can stay on as CFPB director. But he has openly said that he will leave his post if the president says so.
Under Chopra, the CFPB has clashed with major banks and other companies that consider its actions too aggressive. JPMorgan Chase chairman and CEO Jamie Dimon said at an American Bankers Association conference that now is the time to fight back against regulators, according to Yahoo News. Which has a major flaw, as I told him personally, which is that you use your brain to justify what you already think.
Trump has made easing government regulations a cornerstone of his growth agenda, meaning he has to follow through on either of his pledges to companies and his stated commitment to lower costs for working families. A choice must be made.
The CFPB has several pending rules regarding restrictions on data brokers who sell personal information such as Social Security numbers and phone numbers. It is also seeking to ban contracts that could cause one to lose access to financial services for making political statements. Mark Zuckerberg’s company revealed that the CFPB is considering legal action against Meta in the meantime. It also published a monitoring order in December. Google Payments Corp. Because more financial transactions are happening through people’s phones.
