Senate approves Rocht Chopra as next CFPB board member | WGN 720 radio


Washington (AP) – The Senate narrowly approved President Biden’s choice to head the Consumer Financial Protection Bureau on Thursday, with “oversight” as aggressive as the institution operated under former President Obama. Gave a director who is likely to accept the role.

Locht Chopra’s nomination was approved 50-48, and Vice President Kamala Harris had previously had to vote for a tiebreaker to end the debate. Republicans united against Chopra.

Prior to his approval, Chopra held one of the Democratic seats on the Federal Trade Commission, often taking advantage of his position to publicly call for higher penalties, and law enforcement against businesses was fraudulent. It has been found. The Senate, then led by the GOP, unanimously confirmed Chopra in his work as FTC commissioner in 2018.

Chopra, 39, held several senior positions at CFPB during the Obama administration. This includes the best jobs dealing with student loan issues.

“Chopla has a long history of consumer protection,” said Senator Sherrod Brown of D-Ohio, chairman of the Senate Banking Commission.

Chopra is the third permanent director of CFPB since the office was established by the Dodd-Frank Act, and after the 2008 financial crisis, a law was passed that renewed banks and the entire financial system. Cathy Kleininger, who was chosen by former President Donald Trump to head the office, was invited by President Joe Biden to step down on the first day of his inauguration.

During the Trump administration, the CFPB dramatically reduced both the number and scale of its enforcement actions, pushing concerns such as fair lending to a much smaller position in the office. This was in stark contrast to the operation of the office under the Obama administration, which actively collected fines from banks and credit card companies and paid out billions of dollars in damages to borrowers.

President Biden chose Dave Uejio, deputy director of CFPB, to use his position to significantly return the office to its original mission.

Republicans have long been ideologically opposed to the CFPB. This is because the CFPB is made up of a single director and is funded by the Federal Reserve system rather than the traditional parliamentary spending process. The criticism was toned down somewhat when Kleininger led the office for a more user-friendly approach.

“I am seriously concerned that Chopra will revert the CFPB to a lawless and overly politicized institution during the Obama administration,” said Senator Pat Toomey of Pennsylvania, Republican member of the Senate Banking Commission. said the senator in a counter speech. Name.

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