5 days ago
13
You have a preview view of this article while we are checking your access. When we have confirmed access, the full article content will load.
Mr. Chopra, long a target of criticism by Republican lawmakers and banks, has not yet been forced out. “I swore an oath to a five-year term,” he said this week.
Jan. 30, 2025, 5:38 p.m. ET
Rohit Chopra, the director of the Consumer Financial Protection Bureau, expected to be fired soon after President Trump took office. More than a week later, he remains in his job — a source of puzzlement among his allies and frustration for those who want to see him gone.
“I swore an oath to a five-year term, and I will keep serving that until I can pass the baton to someone else,” Mr. Chopra, who was appointed in 2021 by President Joseph R. Biden Jr., said in an interview this week. “I totally respect and understand that the president can choose a director of his choice.”
On Thursday, the agency announced its first enforcement action since Mr. Trump’s inauguration: It ordered Wise, a money transmitter, to pay a $2 million fine for violations including advertising inaccurate rates and failing to issue timely refunds. A Wise spokeswoman said the issues were largely resolved in 2022, soon after the consumer bureau uncovered them during an examination. The company paid $450,000 to affected customers.
“While Wise strongly disagrees with the C.F.P.B.’s characterization of Wise’s conduct, we worked with the C.F.P.B. in good faith to conclude the matter,” she said.
Republicans, banking groups and other critics have openly sought the removal of Mr. Chopra, whose term runs through late 2026.
Senator Tim Scott of South Carolina, chair of the Senate Banking Committee, told reporters on Tuesday that he anticipates a “blockbuster announcement sometime soon” of who will take over the consumer bureau. For weeks, Mr. Scott has called for the resignation of Mr. Chopra, who he said is “no ally of consumers.”
