Statement: Leadership change at Consumer Financial Protection Bureau

Outgoing CFPB Director Rohit Chopra leaves strong body of work on behalf of consumers

WASHINGTON — Rohit Chopra, who had run the Consumer Financial Protection Bureau (CFPB) since October 12, 2021, confirmed Saturday that his “term as CFPB Director has concluded.” Director Chopra still had nearly two years remaining in his five-year term. 

In response, PIRG’s Consumer Campaign Director Mike Litt released the following statement:

“Each incoming president has the right to choose a new leadership team. We hope that when President Trump nominates a new CFPB director, that person will continue to protect American consumers from illegal scams and unfair practices that endanger their financial health. The incoming CFPB director can succeed by building on the legacy of Rohit Chopra, who has done an outstanding job of leveling the playing field for consumers.

“Under Chopra’s leadership, the CFPB implemented rules to curb excessively punitive overdraft and credit card late fees, give consumers greater control over their personal data and exclude medical debt from most credit reports.

“It’s the agency that’s making credit bureaus correct mistakes on credit reports. It’s the agency that holds lenders accountable for cheating military servicemembers. It’s the agency with an unbiased credit card shopping tool. It’s the agency you can file a complaint with when a financial company wrongs you. 

“Over its 13+ years, the CFPB has secured $21 billion in relief for consumers from every part of the country and across the political spectrum. Many Americans can agree that’s a successful track record they’d like to see continue.”