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Senate approves Rocht Chopra as CFPB’s next board member | WGN Radio 720

Washington (AP) —The Senate narrowly endorsed President Biden’s choice to run the Consumer Financial Protection Bureau on Thursday, with as aggressive “surveillance” as the institution operated under former President Obama. Given a director who is likely to accept the role.

Locht Chopra’s nomination was approved 50-48, and Vice President Kamala Harris had previously had to vote for a tiebreaker to end the debate. Republicans united against Chopra.

Prior to his approval, Chopra held one of the Democratic seats of the Federal Trade Commission, often taking advantage of his position to publicly claim higher penalties, and enforcement against businesses was fraudulent. It turned out. The Senate, then managed by GOP, unanimously confirmed Chopra in his FTC Commissioner’s work in 2018.

The 39-year-old Chopra has held several high-ranking positions at the CFPB under the Obama administration. This includes top jobs dealing with student loan issues.

“Chopla has a long history of consumer protection,” said Senator Sherrod Brown of D-Ohio, chairman of the Senate Banking Commission.

Chopra has been the third permanent director of the CFPB since the bureau was established by the Dodd-Frank Act, and after the 2008 financial crisis, a law was passed that renewed banks and the entire financial system. Cathy Kleininger, who was chosen by former President Donald Trump to run the bureau, was asked by President Joe Biden to resign on the first day of his inauguration.

During the Trump administration, the CFPB drastically reduced both the number and scale of its enforcement measures, pushing concerns such as fair lending to a much smaller position within the bureau. This was in stark contrast to the operation of the bureau under the Obama administration, which actively collected fines from banks and credit card companies and returned billions of dollars in damages to borrowers.

President Biden chose Dave Uejio, CFPB’s deputy director, to take advantage of his position to significantly return the bureau to its original mission.

Republicans have long been ideologically opposed to the CFPB. This is because the CFPB is made up of a single director and is funded through the Federal Reserve System rather than the traditional parliamentary spending process. The criticism was somewhat softened when Kleininger operated the bureau for a more business-friendly approach.

“I’m seriously concerned that Chopra will return the CFPB to a lawless and over-politicized institution during the Obama administration,” said Senator Pat Toomey of Pennsylvania, a Republican member of the Senate Banking Commission. Senator said in a counter-speech. name.

Senate approves Rocht Chopra as CFPB’s next board member | WGN Radio 720

Source link Senate approves Rocht Chopra as CFPB’s next board member | WGN Radio 720

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