Rohit Chopra To Weaponize CFPB

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Posted by Bryan Bashur on Wednesday, September 22nd, 2021, 4:50 PM PERMALINK

In the next few days, the Senate will vote on confirmation of Rohit Chopra to serve as the next director of the Consumer Financial Protection Bureau (CFPB). Americans for Tax Reform opposes Chopra’s nomination and urges all senators to vote against Chopra’s final confirmation.

Chopra is a far-left acolyte of Elizabeth Warren who will expand the size, scope, and authority of the CFPB to the greatest extent possible.

Chopra currently serves as a commissioner at the Federal Trade Commission (FTC), but he has previously held positions at the CFPB as an assistant director, student loan ombudsman, and policy advisor.

Chopra is no friend to private industry. Under Chopra’s leadership, the CFPB will strictly enforce rulemakings that impose burdensome reporting requirements on financial institutions. For example, Chopra will likely severely enforce the mandates in the CFPB’s rule to collect certain data from small businesses pursuant to section 1071 of the Dodd-Frank Wall Street Reform and Consumer Protection Act.

Chopra is also likely to increase enforcement actions against financial technology companies and mortgage lenders, stifling innovation and expanding the federal government’s reach into private loan agreements.

Additionally, Chopra has been rightly scrutinized by Ranking Member Pat Toomey (R-Pa.) of the Banking Committee for failing to respond to inquiries about the Biden administration’s potentially unlawful removal of CFPB career staffers from their positions in favor of replacing them with Democratic loyalists.  

Chopra never responded to Senator Toomey’s inquiry about whether he was involved in the removal of high-level career staffers. Failure to respond during the nomination process is enough by itself to be disqualified. Moreover, Chopra’s unresponsiveness foreshadows he is likely to be unaccountable to Congress just as the agency has been since its inception.    

The CFPB is an independent agency created by the politically divisive Dodd-Frank. The agency is structurally different from other independent agencies because it has a sole director leading the agency unlike most independent agencies, which have multiple commissioners and a chair. The CFPB is also not funded via Congressional appropriations, but by the Federal Reserve.

On Tuesday night, the Senate moved forward with turning the CFPB into a weapon for far-left Democrats. Senators voted in favor of discharging Rohit Chopra’s nomination from the Senate Banking Committee by a vote of 49-48. Only Democrats voted in favor of considering his nomination for full confirmation.

In March, the Senate Banking Committee voted along party lines, ending up in a tie vote of 12-12. This tie vote in committee is why the Senate needed to vote on a motion to discharge to the full Senate.

Senate confirmation of Chopra will put a radical liberal at the helm of a redundant federal agency with no Congressional accountability.

Senators should vote NO on Chopra.

 

Photo Credit: "cfpb 36794" by Ted Eytan is licensed under CC BY-SA 2.0

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