Chopra's Final Hearing This Congress

Yesterday, Rohit Chopra, director of the Consumer Financial Protection Bureau (CFPB), testified before the Senate Committee on Banking, Housing, and Urban Affairs. AFSA attended the hearing, entitled "Consumer Protection: Protecting Workers' Money and Fighting for the Dignity of Work," which covered a range of issues, including mortgage, medical debt, credit card rate caps, and student loans.

During the hearing, Ranking Member Tim Scott (R-SC), Sen. Thom Tillis (R-NC), and Sen. Katie Britt (R-AL) called for CFPB reform. Senator Britt specifically called out "regulation by blog post" and said that reforming the CFPB "should be an immediate priority of the next Congress." Sen. Mike Rounds (R-SD) mentioned during his exchange with Director Chopra that he would be looking closely at which rules will be subject to the Congressional Review Act during the 119th Congress.

Several senators mentioned the CFPB's recent legal agreement with prominent credit repair companies. Sens. Tina Smith (D-MN), Mark Warner (D-VA), and Chris Van Hollen (D-MD) all praised the CFPB for their work in combating credit repair. The AFSA-supported credit repair reform bill would help to continue to protect American consumers from these predatory companies.

Barring unforeseen circumstances this is Director Chopra's final hearing on the Hill this Congress. Director Chopra has not indicated whether he would resign before President-elect Trump takes office, telling Ranking Member Scott that while he was confirmed for a five-year term he respects that "the president can remove us at any time, any day."

December 13th, 2024