Consumer Financial Protection Bureau (CFPB)

The Senate yesterday confirmed current FTC Commissioner Rohit Chopra as the new Director of the Consumer Financial Protection Bureau (CFPB). The 50-48 vote to confirm was along party lines and followed Vice President Harris’s breaking of a 50-50 tie to invoke cloture and end debate on Chopra’s nomination.

With Chopra’s departure from the FTC

In a significant but unsurprising move, the CFPB announced today that it was rescinding a policy statement issued in January 2020 that sought to tether the Bureau’s “abusive” authority to certain limiting principles.  The move signals that the Bureau is likely to interpret its authority to prevent “abusive acts and practices” under the Dodd-Frank Act

President Biden’s nominee to serve as CFPB Director, Rohit Chopra, today testified in front of the Senate Banking Committee about his potential regulatory and enforcement priorities as head of the consumer finance regulator. As we previously discussed, President Biden tapped Chopra, three years into his tenure as FTC Commissioner, to serve as Director