Updates Based on Data
The future of the Consumer Financial Protection Bureau (CFPB) and its director, Rohit Chopra, is under threat as the Supreme Court hears arguments regarding the agency’s funding structure. The court’s decision could have far-reaching consequences and potentially undo the work done by the CFPB over the past 12 years.
Report and New Findings
The aggressive approach taken by Rohit Chopra in his role as director of the CFPB has made him a hero to consumer advocates and a scourge to banks and lenders. His enforcement actions have included imposing heavy fines on companies like Wells Fargo and MoneyGram, as well as targeting senior executives in litigation against TransUnion.
However, critics argue that the CFPB has been operating beyond its bounds and engaging in a “politicized enforcement binge.” The Supreme Court will now decide whether the agency’s funding structure is unconstitutional and potentially halt its actions.
New Findings and Projections
If the Supreme Court rules against the CFPB’s funding structure, the agency may need to rely on congressional appropriations. This could significantly impact its ability to carry out its mission and could lead to a curtailment of its power.
Rohit Chopra remains confident in the work he is doing despite the challenges the CFPB is facing. However, there is concern that his aggressive tactics could backfire and lead to limitations on the agency’s powers.
