The article discusses the recent actions and intentions of Rohit Chopra, the director of the Consumer Financial Protection Bureau (CFPB), under the Biden administration. Following the Supreme Court's decision allowing presidential control over the CFPB director's position, Chopra continues to investigate financial issues and hopes to implement a 10% cap on credit card interest rates, aligning with President Trump's campaign promises. The article notes that despite some challenges in appointing Chopra's successor, his future as director remains uncertain as he acknowledges the president's authority to terminate his position.
In the meantime, the CFPB under Chopra's leadership is continuing to push out guidance. On Thursday, the bureau published a report about an increase in the rate of auto repossessions at the end 2022, when the rate rose above pre-pandemic levels.
Chopra said that there are a lot of investigations in the pipeline, and regardless of how things ultimately shake out for him, he hopes that the president follows through on a campaign promise to cap credit card interest rates at 10%.
We can't let them make 25% and 30%. In the meantime, the CFPB under Chopra's leadership is continuing to push out guidance.
As you know, we serve and are confirmed for a five-year term, Chopra said during a Senate Banking Committee hearing last month.
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