An agency founded to protect consumer rights is expected to once again do that following the confirmation of Rohit Chopra to head the Consumer Financial Protection Bureau.
The Senate confirmed him on a 50-48 vote, reports Roll Call.
According to Forbes, under the Trump administration, the agency cut back on its enforcement actions and instead focused on education.
Chopra is expected to return the CFPB to its watchdog role.
“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 during his confirmation hearing.
LATEST STORIES
Chopra ran the agency’s student loan program under Obama. He is currently a Federal Trade commissioner.
“His track record at the FTC and CFPB demonstrates a commitment to regulatory activism,” says Quyen Truong, an attorney and partner and former assistant director and deputy general counsel at the CFPB.
Chopra’s confirmation has been applauded by consumer advocacy groups.
Automotive News, an auto industry trade publication, put it bluntly.
“Life may get less pleasant for auto dealerships, banks, credit bureaus, credit-card companies and student and payday lenders,” it reported.
“The industry didn’t have to dedicate any mindshare whatsoever to the CFPB’s activities for nearly four years,” said Isaac Boltansky, a policy analyst said to Automotive News. “But with Chopra taking the chair, the bureau suddenly jumps up to the top of the worry list for most consumer finance companies.”
AsAmNews has Asian America in its heart. We’re an all-volunteer effort of dedicated staff and interns. Check out our new Instagram account. Go to our Twitter feed and Facebook page for more content. Please consider interning, joining our staff, or submitting a story or making a contribution.