Trump fires Rohit Chopra, director of Consumer Financial Protection Bureau

President Trump has fired the director of the Consumer Financial Protection Bureau, Rohit Chopra, in the latest cleansing of a bit administrator Holdover.

Chopra was one of the more important regulators of the former Democratic Administration, still on the job since Mr. Trump joined on January 20th. In a letter to the president Shared on social mediaChopra said it was an “extraordinary privilege” to act as director of CFPB.

“With so much power that is concentrated in the hands of a few, agencies like CFPB have never been more critical,” he wrote. “I’m proud that CFPB has done so much to restore the rule of law.”

Chopra was notified of his firing via an E email from the White House, a person who is familiar with the message not authorized to discuss the case publicly told the Associated Press.

During his period Mr. Trump elected Chopra as a democratic member of the Federal Trade Commission.

An ally by senator Elizabeth Warren, Chopra was then Tapped by former President Joe Bid To lead the consumer agency that he helped launch after the 2008-09 financial crisis. He served as his Deputy CEO and sounded the alarm about skyrocketing levels of student loan debt.

Warren, one of Mr. Trump’s favorite goal, said in a statement that CFPB under CHOPRA held “Wall Street responsible for cheating hard -working families” and prevented “Bank of Americans across the country, including consumers locked out of the financial system due to cover fees, religious organizations and conservatives.

According to the law, Chopra had to earn a five-year period, which meant he could have been on as CFPB director. But he would have publicly stated that he would leave his position if the new president asked.

“I hope that CFBP will continue to be a pillar of restoring and promoting financial freedom in America, and I wish you the best of luck to serve our big country,” Chopra said in his letter to Mr. Trump.

Consumer reports welcome Chopra’s work at CFBP and said he “leaves an impressive track record of results for working families.”

“Rohit Chopra has worked tirelessly at CFPB to make sure consumers are protected when taking a loan, making a payment or opening a bank account,” Delicia Hand, Senior Director, Digital Marketplace, said at Consumer Reports. “Under Chopra’s leadership, the agency has scored a number of big gains for consumers that secure billions of dollars in relief for those who have been cheated out of their money and established critical new rules to ensure that they are treated fairly.”