Statement on CFPB Director Chopra’s Semi-Annual Report to Congress
June 21, 2023, Washington, D.C., – INFiN, a Financial Services Alliance, issued the following statement, attributable to executive director Ed D’Alessio, in response to Consumer Financial Protection Bureau (CFPB) director Rohit Chopra’s semi-annual report to Congress, including testimony before the Senate Banking and House Financial Services Committees.
“The recent testimony of CFPB Director Chopra demonstrated once again the importance of robust Congressional oversight of the CFPB and its largely unchecked authority. Director Chopra rarely provided meaningful responses to members’ questions when asked about issues of significant interest to our industry, including with respect to rampant Civil Investigative Demands, the CFPB’s use of informal channels to set policy outside of the rulemaking process, and collusion with state attorneys general.
“Regulated entities, and the public, are entitled to know whether the Bureau is functioning appropriately. Rather than exploring how the CFPB might work with regulated non-bank providers to expand access to dependable financial services and address the growing threats of scammers and illegal operators, the CFPB has pursued unnecessary rulemakings that do nothing to protect consumers. In other areas, it has sought to regulate not through rulemaking as required by law but through opaque enforcement and supervisory tools, with little in the way of justifying evidence. No federal agency should be enabled and empowered to operate with disregard for its mission on behalf of the American people.”