CFPB Director Rohit Chopra Is Out

The CFPB director that wanted to “wipe out” all merchant cash advance companies has resigned his post (or been fired per the AP), according to a letter he shared on social media. Rohit Chopra had served in that position for four years.

While the CFPB is supposed to be a consumer-focused agency, it had gained the authority to collect data from the small business finance industry. Its 888 pages of complex rules are supposed to go into effect this year, for example, unless Trump’s January 20 executive order leads to a delay or repeal.

“This letter confirms that my term as CFPB Director has concluded,” Chopra’s letter states. “I know 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.”