Watchdog: As Senators Consider Exceptional CFPB Nominee, Will They Put Consumers First – or Their Financial Industry Benefactors?
WASHINGTON, D.C. – Government watchdog Accountable.US called for the swift confirmation of Rohit Chopra to lead the Consumer Financial Protection Bureau (CFPB) as consumers face incredible challenges and threats from bad financial actors in the ongoing pandemic and recession. Chopra’s experience at the FTC and as former CFPB student loan ombudsman, his pro-consumer values and record of success cracking down on industry abuses makes him an exceptional choice to steer the ship back on course after the dark days of Wall Street appeasement under former Trump CFPB Director Kathy Kraninger. As the Senate Banking Committee considers Chopra’s nomination today, Accountable.US challenged senators to represent struggling consumers, not the financial industry that has poured millions of dollars into their campaigns.
“After Donald Trump’s CFPB left millions of families more vulnerable to abuse from financial scammers and predatory lenders, the bureau must return to its mission of protecting consumers,” said Jeremy Funk, spokesman for Accountable.US. “We’ve been reminded during this crisis that when the financial industry is left to its own devices, consumers lose badly. Any delay confirming Chopra is a favor for powerful financial interests. Any attacks we see today from senators addicted to Wall Street campaign cash come from cynical self-interest not from a place of genuine concern for consumers.”