Rohit Chopra’s tenure as director of the Consumer Financial Protection Bureau (CFPB) has come to an end, having served in the role since 2021 when he was nominated by former President Joe Biden.
Chopra is also no longer a member of the board of directors of the Federal Deposit Insurance Corporation.
In October last year, the CFPB finalised its Personal Financial Data Rights rule, under which, financial institutions, credit card issuers, and other financial providers will be required to release an individual’s personal financial data and transfer it to another provider at the consumer’s request for free.
The new Open Banking rule will “give people more power to get better rates and service on bank accounts, credit cards, and more”, said Chopra in a statement at the time.
The following month, the CFPB issued a final rule on the supervision of digital payment apps in a bid to protect personal privacy, reduce fraud and crack down on illegal “debanking”.
In a letter to President Donald Trump, dated February 1, Chopra wrote that he was “proud that the CFPB has done so much to restore the rule of law”.
“We’ve led efforts across the government to stop the scourge of junk fees in banking and across sectors of the economy, to tame the harmful impacts of medical bills riddled with errors, and to limit the creep of surveillance by data brokers that puts our sensitive data in the hands of foreign adversaries,” he wrote.
“We’ve worked to preserve relationship banking, while harnessing the power of technology to open up opportunities for new businesses and spur competition that benefits consumers.”
Chopra said that the CFPB “is ready to work with you and the next confirmed Director, and we have devoted a great deal of energy to ensure continued success”.
As of December 3, 2024, the CFPB reported $21 billion of monetary compensation, principal reductions, cancelled debts, and other consumer relief had been delivered as a result of its enforcement and supervisory work.
President Trump has appointed Secretary of the Treasury Scott Bessent as acting director of the CFPB.
“I look forward to working with the CFPB to advance President Trump’s agenda to lower costs for the American people and accelerate economic growth,” said Bessent.
Bessent previously worked as chief executive officer and chief investment officer of Key Square Capital Management, a global hedge fund that he founded in 2015.
Prior to that, he was the chief investment officer of Soros Fund Management.
Further reading: Open Banking in the US – a new era of consumer-centric innovations?
