President Donald Trump just fired the head of the Consumer Financial Protection Bureau. 

NPR reports that the Trump administration fired Rohit Chopra towards the end of last week.

The move, according to the outlet, was "widely expected." It was expected, of course, because of the administration chance. Chopra was former President Joe Biden's pick for this position.

Chopra, for his part, posted a "resignation" letter on his social media account. There will be more on this in a moment.

Background

For those unfamiliar with the CFPB, NPR explains that it "is an independent bureau within the Federal Reserve system, and it's funded outside of the congressional appropriations process, with its funding coming from the Fed."

Generally, a CFPB director is chosen for a period of five years. Chopra's five-year term was not up. However, the U.S. Supreme Court has ruled that the president does have the right to fire individuals from this position before the five-year period is up. In other words, they are not entitled to the full five years.

NPR provides an overview of Chopra's time as the leader of the CFPB.

Per the outlet:

During his term, Chopra took on a number of financial companies, including big banks. In December, the agency sued the operator of Zelle, as well as the nation's top banks — Bank of America, JPMorgan Chase and Wells Fargo, "for failing to protect consumers from widespread fraud."

There is a party-line dispute about just how effective Chopra was at his job. The Trump administration obviously thinks that it can do better.

"It's been an honor..."

As mentioned earlier, Chopra posted a "resignation" letter on his social media account.

The message accompanying the letter reads:

It's been an honor serving as your @CFPB Director. Every day, Americans from across the country shared their ideas and experiences with us. You helped us hold powerful companies & their executives accountable for breaking the law, and you made our work better. Thank you.

It's been an honor serving as your @CFPB Director.

Every day, Americans from across the country shared their ideas and experiences with us. You helped us hold powerful companies & their executives accountable for breaking the law, and you made our work better.

Thank you. 🇺🇸🇺🇸🇺🇸 pic.twitter.com/JD7lIcwmHa

— Rohit Chopra (@chopracfpb) February 1, 2025

The big question now, of course, is where Trump will go from here - that is, whom will Trump choose to replace Chopra?

The answer to this question, at the time of this writing, remains unclear.