(C) Common Dreams
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Wall Street’s Most Hated Regulator Faces a Fundamental Threat [1]
['Stacy Cowley', 'More About Stacy Cowley']
Date: 2023-10-01
Rohit Chopra became one of the most powerful financial regulators by pairing bark with bite. As director of the Consumer Financial Protection Bureau, he has attacked — often with a hammer — the perpetrators of what he considers injustices against everyday Americans.
When the bureau slapped Wells Fargo last year with $3.7 billion in fines and damages for transgressions, including wrongfully seizing some borrowers’ homes, Mr. Chopra accused the bank of a “rinse-repeat cycle of violating the law.” When it sued MoneyGram that same year over delays in transmitting customers’ funds, Mr. Chopra said he wanted to go beyond fines and impose a punishment that would cut deeply enough to “halt repeated lawbreaking.” And in litigation against TransUnion, again in 2022, about deceptive sales tactics, Mr. Chopra took the rare step of targeting not just the credit reporting agency but also one of its senior executives.
That aggressive approach has made Mr. Chopra a hero to consumer advocates and a scourge to the banks and other lenders his agency oversees.
“Wall Street may always attack the C.F.P.B., but their opposition has reached, shall we say, frenzied levels with Rohit Chopra at the helm,” said Senator Sherrod Brown, the Ohio Democrat who leads the Senate Banking Committee.
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[1] Url:
https://www.nytimes.com/2023/10/01/business/rohit-chopra-consumer-financial-protection-bureau-wallstreet.html?smid=nytcore-ios-share&referringSource=articleShare
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