The Senate confirmed Rohit Chopra as director of the Consumer Financial Protection Bureau (CFPB) on Thursday, September 30, putting in place a seasoned regulator and Wall Street critic to police lending.
Senators approved Chopra in a 50-48 vote. No Republican supported his nomination, reflecting long-running antagonism from the right over the very existence of the consumer bureau, which Democrats set up a decade ago to crack down on predatory lending.
Chopra, who for the last three years served at the Federal Trade Commission, is expected to revive a more aggressive posture toward the finance industry after Democrats blasted the Trump administration for weakening consumer safeguards. The agency is the brainchild of Sen. Elizabeth Warren (Democrat – Massachusetts), and Chopra helped her set up the bureau after its enactment in the 2010 Dodd-Frank law.
Credit reporting companies, small-dollar lenders, debt collectors, and financial technology startups are among the players expected to face scrutiny from Chopra’s CFPB, as well as the student loan industry and mortgage servicers. The agency under interim leadership for the last eight months has already taken some initial steps to address lenders’ pandemic-era treatment of consumers and to advance the Biden administration’s racial justice priorities.
“It’s already on the track, but Chopra’s going to be driving the train faster,” said Allyson Baker, a former CFPB enforcement attorney and the chair of the law firm Venable’s financial services practice.
Chopra’s confirmation is the latest victory for progressives who have so far succeeded in putting their stamp on the Biden administration’s recruitment of top financial regulators. President Joe Biden has scattered allies of Warren and other liberal lawmakers throughout agencies tasked with overseeing the finance industry, including Securities and Exchange Commission Chair Gary Gensler.
Featured News
FTC Urged to Enforce Rarely Used Antitrust Law Against Retail Giants
Mar 28, 2024 by
CPI
UK’s Fingleton Bolsters Team with New Additions
Mar 28, 2024 by
CPI
Britain’s Competition Regulator Clears Aviva’s Acquisition of AIG Life UK
Mar 28, 2024 by
CPI
White House Implements New AI Safeguards to Protect Rights and Safety
Mar 28, 2024 by
CPI
Denver Court Sets August Date for Kroger-Albertsons Merger Showdown
Mar 28, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Real Estate & Antitrust
Mar 27, 2024 by
CPI
Systematic National Evidence of Steering by Real Estate Agents
Mar 27, 2024 by
CPI
Compliance Now! Actionable Antitrust Advice for the Residential Real Estate Industry
Mar 27, 2024 by
CPI
Real Estate Commissions: Some Insights from the Economics of Multi-Sided Platforms
Mar 27, 2024 by
CPI
New Ideas for Promoting Real Estate Brokerage Price Competition
Mar 27, 2024 by
CPI