CFPB’s Chopra Tells GOP Old Laws Still Apply for New Offenders

Speaking at a virtual event for the anniversary of a watchdog group, the Consumer Financial Protection Bureau (CFPB) boss took the opportunity to address a letter sent to the agency from Republican members of the Senate Banking Committee.

“We’re going to keep doing our work, regardless of the false accusations that are made about our staff,” CFPB Director Rohit Chopra said during the event, part of the year-long 50th anniversary celebration for the nonprofit consumer advocacy organization Public Citizen.

The letter, from U.S. Sens. Pat Toomey (R-Pennsylvania), Richard Shelby (R-Alabama) and the remaining GOP members of the committee, accuses the CFPB of being a “lawless and unaccountable agency” that has abused its authority.

See also: CFPB’s Chopra Tells Senators to Expect More on Big Tech, Repeat Offenders and Open Banking

“Rather than operating as a tough but fair and sensible regulator, the CFPB is again pursuing a radical and highly-politicized agenda unbounded by statutory limits. It has adopted an arrogant regulatory ethos: the CFPB can do whatever it wants,” according to the Monday (Sept. 12) letter. 

Chopra pledged that the CFPB would push ahead with reforms to consumer lenders and credit card companies and continue actions, such as going after what he called “junk fees” that are imposed on consumers across financial products.

Read more: CFPB: Financial Marketers Must Adhere to Consumer Law

Chopra has been successful at looking at old laws and regulations on the books and digging out old or dormant provisions as a way to drive the CFPB’s policies, the Wall Street Journal reported on Wednesday (Sept. 14). 

“The regulators of the past really missed some of the major issues that [consumer lending] markets were facing because many of them were more concerned about ensuring that banks were profitable,” Chopra said during his remarks. “I think our singular focus has made sure that that is changing fundamentally.”