Consumers Last: Senate Republicans That Tried to Block CFPB Nominee Have Banked $40 Million from Financial Industry
WASHINGTON, D.C. – With no help from Republican members of the Senate Banking Committee, President Biden’s exceptional nominee to lead the Consumer Financial Protection Bureau (CFPB) advanced today. Rohit Chopra’s experience protecting consumers at the FTC and as former CFPB student loan ombudsman would help turn the page on the dark days of Wall Street appeasement under former Trump CFPB Director Kathy Kraninger. As consumers face incredible challenges and threats from bad financial actors during the ongoing pandemic, Government watchdog Accountable.US called out opposing senators’ anti-consumer obstruction after collectively taking nearly $40 million from the financial industry.
“It’s pitiful but predictable that the senators who grovel for Wall Street money tried to derail this nomination for no other reason than Mr. Chopra will actually do his job of protecting consumers from industry harm,” said Jeremy Funk, spokesman for Accountable.US. “Many of these same senators enthusiastically endorsed Donald Trump’s pick, who had zero consumer advocacy experience and a clear intention of letting the financial industry write its own rules. No thanks to these senators, Trump’s CFPB left millions of families more vulnerable to abuse from financial scammers and predatory lenders in the middle of this pandemic. Those days are over.”