New Leader at Consumer Financial Protection Bureau

A New Sheriff In Town

During the last few years CFPB has been more concerned with education and resources for consumers, unlike the previous regime under Richard Cordray. There is a new JEFE MASCULINO. Or, I might say, a new sheriff in town.

Name: Rohit Chopra. He was formerly at this agency as an Assistant Director and Student Loan Ombudsperson. Now he will be called the Director.

The vote on this appointment in the Senate was 50-48 on straight party lines with two Republicans not voting. A previous procedural vote was 50-50 and Vice President Harris split the tie.

Watch for much more enforcement. Industry Lobbyists and Republican legislators are really not happy.

Quote from Rohit Chopra: “If there are unlawful, egregious practices, it is important for enforcement to make sure they stop”.

Senator Pat Toomey: “I have grave concerns that Commissioner Chopra will  return the CFPB to the lawless, overreaching, highly politicized agency it was during the Obama administration.”

See you in court.

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