Consumer Financial Protection Bureau (CFPB) Director Rohit ChopraRohit ChopraOn The Money — Democrats confident cuts won’t water down bill Trustmark Bank to pay million ‘redlining’ fine Consumer agency to probe Big Tech’s payment systems MORE found rare common ground with Republicans on Wednesday over efforts to address market-shifting actions by tech giants.
Chopra told the House Financial Services Committee during a hearing that the CFPB would “focus most of its resources on the largest firms that are engaged in nationwide harm,” instead of smaller companies less capable of fighting back.
“One of the things that drives me a little crazy is when federal agencies don’t focus their efforts on nationwide or systemic or severe harm,” said Chopra, a progressive Democrat, referring to the Federal Trade Commission (FTC).
Chopra served as an FTC commissioner from 2018 until his confirmation as CFPB director earlier this month. His criticism of fellow FTC commissioners for what he considered insufficient penalties for major tech companies drew high praise from Silicon Valley critics in both parties while alienating several of his colleagues.
During his first congressional appearance as CFPB director, Chopra again rebuked the FTC, saying it let Facebook and Google “off the hook” while “strong-arming” smaller firms into settlements. He said that under his watch, the CFPB would focus on cases “really totally beyond the pale” where large companies “clearly knew what the rules were” yet did not comply.
“Focusing on larger participants in the market, I think, is one of the best ways we can accomplish our mission,” he continued. “What we saw over the past many years under both Democrats and Republicans were failures at the FTC. I don’t want to repeat that at the CFPB.”
Chopra’s criticism of the FTC came after several Republican lawmakers pressed him on his approach to enforcing the numerous and powerful rules under the CFPB’s jurisdiction. As head of the consumer bureau, Chopra has unilateral power to approve new rules for banks, lenders and a wide array of financial firms while also severely punishing those who violate them.
Chopra was among the first CFPB officials to lead the agency after it was established in 2011 through the Dodd-Frank Wall Street reform law and designed by Sen. Elizabeth WarrenElizabeth WarrenSenate Democrats propose corporate minimum tax for spending package The Hill’s Morning Report – Presented by Facebook – Budget negotiators: 72 hours and counting Democrats face critical 72 hours MORE (D-Mass.). His seminal role in the CFPB’s creation and close ties to fierce financial sector advocates created unanimous Republican resistance to his confirmation.
“I would hope that having witnessed the harmful impacts of the Bureau’s overreach you will take a different approach than that of your predecessors,…
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