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CFPB's fortunes have waxed and waned under revolving presidencies

By James R. Hood of ConsumerAffairs
February 1, 2025

Rohit Chopra lasted longer as director of the Consumer Financial Protection Bureau (CFPB) than expected. Observers anticipated the incoming Trump administration would fire him immediately after the Jan. 20 inauguration. Instead, he lasted nearly 12 days.

In a letter published on social media, Chopra reviewed some of the agency's more significant actions. "We have returned billions of dollars from repeatoffenders and other bad actors ... and given more freedom and bargaining leverage to families navigating a complex and confusing financial system."

Chopra was openly despised by many on Wall Street for his aggressive regulation of bank fees, auto loans, mortgages and other products that nearly all consumers buy.

Consumer advocates rushed to Chopra's defense after his firing became known.

Chopra exposed and penalized lending practices that disproportionately harmed consumers of color, and made clear that discrimination is unfair in any financial service, said Richard Dubois, executive director of the National Consumer Law Center.

With Trumps payback to his billionaire Wall Street supporters, the nation now loses the vital, energetic, compassionate, and intelligent services of a great American," said Lisa Gilbert, co-president of Public Citizen. "The CFPB under Chopra eliminated many junk fees, capped credit card late charges, reformed reporting of medical debt, sued giant corporations, and elevated the total relief to consumers beyond $21 billion."

After his appointment by President Biden in 2011, Chopra lost no time launching a whirlwind of regulations that cut and capped industry "junk fees," sued big players, prosecuted lenders and enforced privacy laws.

Here are afew recent examples reported by ConsumerAffairs:

Banks fight back

When the CFPB proposed capping bank overdraft charges at $14 for larger banks, the financial sector was quick to claim that the effect would be higher checking account fees and less service to consumers. An army of lobbyists descended on Congress to spread that message.

Brent Tjarks, executive director of theMid-size Bank Coalition of Americawhich represents more than 100 midsize banks, wrote that the loss of a "meaningful source of revenue to support the cost of deposit products" left institutions with no choice but to pull back from products "that benefit lower-income and underbanked consumers," The American Banker reports.

Former Sen. Pat Toomey, R-Pa. once calledthe CFPB"a rogue, unaccountable, anti-business agency."

Chopra's five-year term was scheduled to run through 2026 but a Supreme Court decision in 2020 ruled the president was free to fire the CFPB director without cause.

Chopra said after Trump's election that he would not resign but would leave peacefully if Trump fired him, as he did today.

The CFPB was created in 2011, largely through the efforts of Sen.Elizabeth Warren (D-Mass.), who in an earlier career as a college professor had authored an academic paper showing that medical debt was a primary cause of consumer bankruptcy.

The agency's fortunes have waxed and waned as Presidents come and go. It grew in importance and enacted tough regulations during the Obama and Biden administrations but was weakened and nearly eliminated during the first Trump term.

Warren vowed in Novemberthat the bureau would survive Trump's presidency.The CFPB is here to stay, she said in a Washington Postreport.

So I get theres big talk, but the laws supporting the CFPB are strong, and support across this nation from Democrats, Republicans, and people who dont pay any attention at all to politics, is also strong, Warren said.



Photo Credit: Consumer Affairs News Department Images


Posted: 2025-02-01 20:07:25

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The Consumer Product Safety Commission (CPSC) is warning of a serious fire risk involving the HALO Bolt AC-DC charger

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Consumers with chargers made before December 2020 should stop using them and dispose of them properly.

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  • Stop use immediately and follow local disposal rules


Consumers are being warned to immediately stop using HALO Bolt ACDC 58830 portable chargers manufactured in or before December 2019. Reports include burn injuries and property damage due to the chargers catching fire. The risk is linked to the age of the product and its lithium-ion battery.

The affected chargers were sold at Best Buy and other retailers, both in stores and online, including QVC.com and Amazon.com. The chargers can be identified by the brand HALO on top and the model BOLT ACDC 58830 on the back label. Only units with a manufacturing year code of 16, 17, 18 or 19 are affected.

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The U.S. Consumer Product Safety Commission (CPSC) has received reports of these HALO chargers catching fire. One burn injury and several instances of property damage have been reported. The hazard is connected to lithium-ion battery failures, particularly in products manufactured before December 2019.

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One in eight U.S. adults now take GLP-1 drugs, but many struggle to afford them
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About one in eight U.S. adults (12%) say they are currently taking a GLP-1 medication such as Ozempic or Wegovy for weight loss, diabetes, heart disease or another chronic condition, a new KFF Health Tracking Poll shows. Thats a notable increase from 18 months ago, even as many users report difficulty affording the drugs high price tags.

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Use is highest among those managing chronic conditions

GLP-1 medications are especially common among adults who report serious health conditions. More than half of adults diagnosed with diabetes (57%) say they have used the drugs, including 45% who are currently taking them. Use is also widespread among those with heart disease (40% ever; 29% currently) and among people diagnosed as obese or overweight in the past five years (34% ever; 23% currently).

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Cost remains a major obstacle

The pollconducted before the Trump administrations latest policy announcements on GLP-1 coveragefinds that more than half of current or former GLP-1 users (56%) say the medications were difficult to afford. Even among those with insurance, 55% report affordability challenges.

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Other barriers also persist. Roughly one in six GLP-1 users (17%) say they obtained the drugs online, and nearly one in ten (9%) say they got them from a medical spaan indication of the growing gray market around the blockbuster medications.

Among adults who have never taken a GLP-1 drug, interest in weight-loss use remains strong. About one in five (22%) say they would consider taking one, including 7% who say they are very interested. Interest is especially high43%among adults diagnosed as obese or overweight but not currently using such drugs.

Many skeptical that Trump policies will lower drug prices

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Fri, 14 Nov 2025 20:07:07 +0000

Microsoft says it will appeal the ruling, which strikes at the heart of its business model

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UK tribunal says Microsoft licenses can be legally resold
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