Rohit Chopras Testimony Before the Senate Banking Committee

On March 2, 2021, the Senate Banking Committee held a hearing on Rohit Chopra’s nomination by President Biden to serve as Consumer Financial Protection Bureau (CFPB) Director. It is widely expected that the Committee will recommend Mr. Chopra’s confirmation to the full Senate and that the Senate will confirm Mr. Chopra as the CFPB’s next Director by the end of the month. At the hearing, Mr. Chopra fielded a wide range of questions regarding his views on how the CFPB should use its supervisory, regulatory, and enforcement authorities to carry out its consumer protection mission. The clear takeaway from his testimony is that, under Mr. Chopra’s leadership, consumer financial services providers will face a “new CFPB” with a new set of policy goals.

In this webinar, we will take a close look at Mr. Chopra’s testimony and its implications for consumer financial services providers. Topics include:

• Which industries are likely to be targets of the new CFPB
• What actions the new CFPB is likely to take to address COVID relief
• What changes providers should expect in the new CFPB’s approach to fair lending, supervision, and enforcement
• What steps providers can take to prepare for scrutiny by the new CFPB