So, you’ve probably seen the name Rohit Chopra floating around news headlines or your social media feed. Maybe it was about credit card late fees or those "junk fees" everyone hates. Honestly, unless you’re a total policy wonk, the inner workings of the Consumer Financial Protection Bureau (CFPB) usually feel like a snooze fest. But here’s the thing: what Chopra did during his time as CFPB Director actually hit your wallet directly.
Whether you love him or think he was a regulatory nightmare, there’s no denying he was one of the most aggressive "cops on the beat" Washington has seen in decades. He didn't just sit in an office signing papers; he went to war with big banks and tech giants.
Who is Rohit Chopra anyway?
Basically, Chopra is a protégé of Senator Elizabeth Warren. He was there at the very beginning when the CFPB was just an idea after the 2008 financial crash. Before he took the top job at the Bureau in 2021, he was a commissioner at the Federal Trade Commission (FTC).
If you look at his track record, a pattern emerges: he hates what he calls "corporate recidivism." That’s a fancy way of saying he’s fed up with big companies breaking the law, paying a small fine as a "cost of doing business," and then doing the exact same thing again. He’s known for being incredibly sharp and, frankly, a bit of a shark when it comes to enforcement.
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What the CFPB Director actually changed
Most people don't realize how much of their daily financial life was touched by Chopra’s pens. He didn't just look at mortgages. He looked at everything.
The War on Junk Fees
This was his big "brand." You know those $35 overdraft fees or the $40 late fees on your credit card? Chopra called them junk fees. He pushed a rule to cap credit card late fees at $8.
Now, full disclosure: this was a massive fight. The big banks sued, arguing that if they can't charge high fees, they can't afford to give credit to lower-income people. As of early 2026, this rule has been a total legal roller coaster. While the Biden-era CFPB finalized it, a legal settlement in April 2025 actually saw the rule vacated under the newer administration. But the impact remained—several major banks preemptively lowered their fees just to avoid the PR nightmare Chopra created.
Open Banking (Section 1033)
This is probably the most important thing he did that you’ve never heard of. It’s based on a part of the Dodd-Frank Act called Section 1033.
Basically, Chopra wanted to make it easier for you to "fire" your bank. Usually, your financial data is locked up. If you want to switch banks, it’s a huge pain to move your direct deposits and bill pays. Chopra’s Personal Financial Data Rights rule aimed to force banks to let you share your data with other apps (like Mint or YNAB) and competitors securely.
The goal? More competition. If it’s easy to leave, your bank has to actually be good to keep you.
Medical Debt and Credit Reports
Chopra was obsessed with the idea that medical debt shouldn't ruin your life. He pushed for rules to strip medical bills off credit reports. Why? Because medical debt isn't a sign that you're "bad with money"—it's a sign you got sick. He argued that including it in credit scores actually made those scores less accurate for lenders.
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The big shake-up in 2025
Things got wild in early 2025. On February 1st, 2025, President Trump fired Rohit Chopra. This was a huge deal because CFPB directors are supposed to have five-year terms. But after a Supreme Court ruling a few years back, the President has the power to fire the director "at will."
Since then, the agency has done a complete 180.
- The Humility Pledge: By late 2025, the CFPB started making its examiners read a "Humility Pledge" to the banks they were supervising.
- Enforcement Freeze: Most of the big lawsuits Chopra started were put on ice or settled for much smaller amounts.
- Staffing Cuts: There were attempts to cut the agency’s staff by nearly 90%, though that’s been tied up in court for months.
What it means for your money right now
Honestly, the "pro-consumer" era of the CFPB is currently on a major pause. If you’re a consumer in 2026, the protections you got used to under Chopra—like aggressive help with credit report errors—might feel a bit slower or harder to access.
But Chopra hasn't disappeared. He’s currently working with a group of Democratic Attorneys General. They’re basically trying to do at the state level what he can no longer do at the federal level. If the feds won't sue a bank for "predatory" fees, guys like Chopra are whispering in the ears of state AGs to do it instead.
What you should do next
The landscape has shifted, so you've gotta be a bit more proactive.
- Check your credit report manually. Don't assume the CFPB is breathing down the neck of the credit bureaus right now. Use AnnualCreditReport.com to make sure no old medical bills have crept back on.
- Negotiate your own fees. The $8 late fee cap is currently in legal limbo. If you get hit with a big fee, call the bank. Mention that you know the industry is moving toward lower fees. Sometimes just asking works.
- Watch your data. With the "Open Banking" rules being challenged, be careful which third-party apps you give your bank login to. Use apps that use "tokenized" access rather than just saving your username and password.
- Look to your State AG. If you get scammed or a financial company treats you poorly, your state’s Attorney General is now a much more powerful ally than the federal CFPB.
The era of Rohit Chopra at the CFPB proved that one person in a specific government office can actually make life cheaper for millions of people. Even with him gone, the "junk fee" conversation he started isn't going away anytime soon.