Consumer Financial Protection Bureau Director Rohit Chopra
Bloomberg News
The administration of President-elect Donald Trump issued an outline of seven major priorities to start enacting on Monday, including firing Consumer Financial Protection Bureau Director Rohit Chopra, according to a document obtained by American Banker.
The document is a one-page outline of priorities developed by Trump's advisors for immediately following his inauguration, titled: "Day One Priorities / Executive Orders." The top priorities are in order: immigration, energy and environment; trade and tariffs; social issues; government reforms; financial actions; and laws/regulations.
"Financial Actions," is listed sixth among the seven priorities, followed by the items "Designate Crypto National Priority / Create National Crypto Council" and "Fire Director Chopra / Reset CFPB." It would take an act of Congress to eliminate the CFPB altogether.
Most of the priorities have already been laid out by the conservative think tank the Heritage Foundation in Project 2025, a blueprint for remaking the federal government that was written by some of Trump's closest policy advisors including his nominee to lead the Office of Management and Budget, Russ Vought.
Vought has been floated as among the potential candidates to be named to take on the added responsibilities of another agency including either as an acting or permanent director of the CFPB, sources said.
Trump's priorities for "Government Reforms" include: "Order Federal Employees Back to Work" and "Reclassifying civil servants as Political Appointees (enabling easier hiring and firing)." The third item on the list is "formalize DOGE as an Advisory Council," referring to the newly formed Department of Government Efficiency — headed by billionaire entrepreneur Elon Musk and former Republican presidential candidate Vivek Ramaswamy.
Trump's apparent desire to boost cryptocurrency as among his day-one priorities fits with his broader embrace of the crypto market during the 2024 presidential campaign. His support of the asset class mirrors that of many of the incoming members of Congress from both parties, who benefited from more political spending from crypto-aligned political action committees and groups than in prior election cycles.
The incoming administration's desire to neutralize the CFPB — which has faced Republican opposition since its creation — is similarly expected with Musk musing about "deleting" the agency on social media. Republicans have been expected to move on legislation that would tie the CFPB's funding to congressional appropriations or turn the agency into a multi-member commission.
Some experts claim that an acting director named to replace Chopra could work to rescind a range of interpretive rules, guidance and other policy items while Congress could repeal final rules that have been passed since August using the Congressional Review Act. But with only 60 legislative days to repeal those rules under the law and a slim majority in the House, which could make it politically challenging for some of the CFPB's most populist rules — like $5 overdraft fees — to be nullified by Congressional Republicans alone.
Other of Trump's priorities outlined in the memo are well-known, including his intention to impose a 25% tariff on imports from Canada, delay enforcement of a Tik Tok ban and to lift restrictions on drilling for oil and gas on federal lands. On social issues, the memo outlines Trump's priorities as ending diversity, equity and inclusion initiatives at federal agencies and in the military and barring "Biological Men from Competing in Women's Sports."
The online consumer lender beat revenue expectations in the first quarter, but its net income was dragged down by larger provisions that the company attributed to tariff "uncertainty."
The card processor came up short on expected profits but hit analysts' estimates on revenue in the second quarter of its fiscal 2025. CEO Ryan McInerney said growth in payments volume, cross-border volume and processed transactions were strong even in the face of shaky economic conditions.
At a House subcommittee hearing, Republicans proposed "tailoring" regulations for community banks while Democrats railed against Trump's tariffs and cuts to the Consumer Financial Protection Bureau.
Senate Banking Committee ranking member Elizabeth Warren, D-Mass., and House Financial Services Committee ranking member Maxine Waters, D-Calif., urged the National Credit Union Administration's Inspector general to look into President Trump's removal of two board members.
Rapid deregulation, tariffs and a campaign to dismantle the Consumer Financial Protection Bureau have defined the early days of President Donald Trump's second term for bankers.
