CFPB’s Chopra: ‘We will plead’

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Rohit Chopra, the director of the Consumer Financial Protection Bureau, pushed banks to drop overdraft fees, hit big baddies with enforcement action, and set his sights on regulating Big Tech companies.

In an extensive interview with American Banker, Chopra detailed the dangers of Big Tech companies moving into financial services and the urgent need to bring them into the regulatory fold, an area that could help banks navigate a changing world turning around real-time payments. .

Rohit Chopra, director of the Consumer Financial Protection Bureau, said in a July interview with American Banker that the agency will use its enforcement powers not just to push settlements, but to sue well-heeled businesses.

He also addressed the decision by the Federal Deposit Insurance Corp. to pursue a request for information relating to a review of bank merger processes, a vote that ousted former chairwoman Jelena McWilliams and ultimately led to her resignation. Chopra dismissed the brouhaha, which prompted complaints in Congress, as nothing more than majority rule.

Chopra has garnered considerable fire from political and corporate opponents of his initiatives during his tenure, with the U.S. Chamber of Commerce saying in particular his “radical agenda and reckless approach” exceeds his legal authority. In the interview, which was part of an outreach campaign with individual consumer finance journalists all set to be published on Wednesday, Chopra defended his actions to date as deliberate and carefully chosen positions that are intended to benefit consumers.

Here are six of the most impactful insights from the interview, which you can read in full here.

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