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JPMorgan Chase CEO calls out former CFPB chief Chopra
Chopra, who has led the CFPB since 2021, has taken an aggressive stance against large financial institutions, increasing scrutiny on banking fees and corporate practices.
Jamie Dimon and Rohit Chopra / Image- Wikipedia
JPMorgan Chase CEO Jamie Dimon expressed strong opinions on the workings of the Consumer Financial Protection Bureau (CFPB), particularly targeting its director, Rohit Chopra during a recent company town hall.
Dimon accused Chopra of overstepping his authority, describing him as "an arrogant, out-of-touch son of a b***h who just made things worse for a lot of Americans," according to a leaked recording of the meeting
The remarks were made in response to a question about the CFPB, an agency that has faced ongoing criticism from the financial sector. While acknowledging that the bureau has implemented some beneficial consumer protection rules, Dimon argued that its functions are redundant, given the roles of other regulatory bodies such as the Office of the Comptroller of the Currency (OCC) and the Federal Reserve.
"The only good I'll say about the CFPB is there are consumer protection rules that are good," Dimon said. "Having said that, they were duplicative. The OCC already did it. The Fed does it. The FHA does it. So we get it."
Dimon further suggested that the CFPB’s regulatory authority should be reassigned. "So if they get rid of it or not makes no difference to me. It should exist, but it should be inside the OCC like it used to be when it comes to banks," he said.
Trump administration moves against CFPB
On Feb. 1, President Donald Trump dismissed Chopra as part of the new administration's restructuring efforts. The move led to an abrupt halt in CFPB operations, creating uncertainty within the financial industry regarding future regulatory enforcement and consumer protection.
The CFPB, established in 2010 under the Dodd–Frank Wall Street Reform and Consumer Protection Act, has been a contentious regulatory body. The agency claims to have handled over 7.7 million complaints and returned nearly $20 billion to consumers. However, critics, including former President Trump, have called it excessive and unnecessary.
Chopra, who has led the CFPB since 2021, has taken an aggressive stance against large financial institutions, increasing scrutiny on banking fees and corporate practices. Some in the industry have viewed his leadership as a continuation of the bureau’s hardline regulatory approach.
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