Chopra Vows to Revive Enforcement at CFPB

The following comments are extracted from a press release describing remarks made by Rohit Chopra at his confirmation hearing.

  • “President Joe Biden’s CFPB nominee Rohit Chopra said the agency will have a much more aggressive enforcement unit in areas such as fair lending and mortgage servicing if he wins Senate confirmation to the post.”
  • “Chopra repeatedly told senators at a Tuesday confirmation hearing that consumer-centric enforcement will be a top priority, particularly when it comes to making sure that homeowners don’t get caught up in improper foreclosures.”
  • “If confirmed, Chopra would take over a Consumer Financial Protection Bureau that saw its past enforcement division focus on smaller targets and recover less for consumers during the Trump administration.”
  • Chopra told senators that consumer redress would be a top priority for the CFPB’s enforcement division upon his confirmation. ‘When victims of fraud or misconduct are not made whole, that doesn’t just hurt them, it hurts every other business that is trying to follow the law,’ Chopra said.”

Fair Lending Focus

  • “Chopra also said fair lending enforcement would again be front and center at the CFPB after Trump’s two directors (Mulvaney and Kraninger) largely sidelined it. The CFPB’s fair lending and equal opportunity office “is established by Congress and it should play a critical role in making sure the law is being followed,” Chopra told the committee.”
  • “Fair lending enforcement is likely to move to looking into potential discrimination from the algorithms that lenders use to make credit and even advertising decisions, he said.’
  • “The student loan market also is going to get a lot of attention, he added. Chopra served as the CFPB’s student loan ombudsman under Cordray.”

If you want to discuss how best to deal with this new regulatory environment, please call or email us.

For the complete article, click the link below or give us your email and we will send you a copy.

https://news.bloomberglaw.com/banking-law/chopra-vows-to-revive-enforcement-at-consumer-finance-watchdog

Posted in Current Events.

Leave a Reply

Your email address will not be published.

Protected by WP Anti Spam