During CFPB Director Rohit Chopra’s appearance before the House Financial Services Committee today, Republican members gave a troubling preview of the industry-friendly, anti-consumer agenda they intend to pursue when they set the agenda next year. Themes included falsely asserting the CFPB has no authority to protect consumers on issues like abusive overdraft fees, and then abruptly cutting off Director Chopra as he cited the exact laws and statutes giving that authority; and contradictorily accusing the Director of not being transparent enough while simultaneously criticizing the Bureau for posting too much guidance on how industries can stay within the laws on the books, which only saves them time and money.
MAGA conservatives like Rep. Patrick McHenry are setting the table for an agenda written by-and-for Wall Street, big banks and predatory lenders the minute they assume power – and it’s a losing proposition for consumers. They are clearly itching for payback on behalf of their industry donors against the agency that has successfully returned over $14 billion in relief for more than 183 million wronged consumers. Only politicians in the pocket of industry could view with contempt the Bureau’s incredible success of protecting so many consumers and holding scammers and financial predators accountable.”