The head of the Financial Consumer Protection Office announces the departure

The head of the Consumer Protection Office (CFPB) announced his departure on Saturday, to become the latest official in the Biden administration launched by the Trump administration.

Rohit Chopra, who served as director of the Consumer Monitoring Agency since 2021, has published a message addressed to President Trump online, where he said that his term that leads the office “is over.” Chopra was confirmed for five years, which would continue until late 2026.

“With a lot of strength that focuses in the hands of a few, agencies like CFPB were not more important,” he wrote.

“I know that CFPB is ready to work with you and the next sure director, and we have repeated a great deal of energy to ensure continuous success,” Chopra added.

The Associated Press reported that Trump fired Chopra and was notified of his overthrow in an email from the White House.

Trump Chopra appointed a democratic seat with the agency during his first term. It was confirmed by the Agency Administration in a 50-48 vote in the Senate in September 2021.

CFPB has a sweeping power to organize and supervise roads on banks, lenders, debt collectors and insurance companies. The office can be punished unilaterally those who violate consumer protection and fair lending laws, all in the CFPB director, who has the final statement on all agency regulations and enforcement procedures.

Under the leadership of Chopra, the agency took the target of “scrap fees”. This included many rules and enforcement procedures targeting loan service fees, open -ended draw fees from banks and late credit card fees.

CFPB has also sought to address new developments in the field of financial services, such as Buy Now Pay Feart and digital portfolios.

Republicans have always been skeptical in the agency. During the first period of Trump, former White House Chief of Staff, Mick Mulpani, worked as a prosecutor’s director and took measures to reduce the supervision of the office for financial companies, the regulations of the retreat agency, reorganize the main departments and rename polarization.