Removing Barriers Blog

Nomination Hearing: Rohit Chopra for CFPB Director
Posted March 04, 2021 by CUNA Advocacy

Earlier this week, CUNA wrote to the Senate Banking Committee prior to the nomination hearing of Rohit Chopra, President Joe Biden’s nominee to lead the Consumer Financial Protection Bureau (CFPB). Chopra is currently a commissioner with the Federal Trade Commission, previously served as assistant director and student loan ombudsman at the CFPB. While CUNA does not historically tale a position on nominees, it will be engaged with the hearing.

In the letter, CUNA wrote in support of a multi-person Commission to lead the CFPB.

"We look forward to working with the next CFPB Director, one that we hope will recognize the unique structure of credit unions and the enormous benefit they provide to consumers in need of high-quality, low-cost financial services. That said, we continue to have significant concerns about the untenability of the Bureau’s single Director structure. Stability of leadership and clarity of mission are critical features of any efficient and effective regulatory body. The CFPB – as it stands – has neither. There may be no better sign of that instability than the fact that Congress is now considering a new Director nomination for the third time in nine years despite the role’s statutory term of five-years. For that reason and others, we believe the best path forward for the CFPB is for Congress to pass legislation establishing a multi-person, bipartisan commission to lead the Bureau, as was originally proposed by the Obama administration in 2009."

"Consumers deserve better than a winner-take-all political bureau. Only through the establishment of a bipartisan commission will the Bureau have the type of independence that proponents herald and the steady approach to regulation that consumers and regulated entities need. We appreciate that commission legislation has been introduced in previous Congresses and encourage this Congress to finally cure the Bureau's fatal flaw."

Mr. Chopra testified before the committee, along with Gary Gensler, a nominee for the Securities and Exchange Commission on Tuesday.