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October 12, 2021

The Swearing in of Rohit Chopra as Director of the CFPB Is a Great Day for Consumers Confronting Abusive Payday Lenders, Predatory Banks, and a Broken Student Loan System

Washington, D.C.  –  Stephen Hall, Legal Director and Securities Specialist for Better Markets, issued the following statement on the swearing-in of Rohit Chopra as the new Director of the Consumer Financial Protection Bureau (CFPB):

“With Director Chopra officially installed as the CFPB’s Director, we can rest assured that the agency will once again fulfill its statutory role as the champion of consumer protection in our financial markets.  That means the agency can move forward aggressively to restore critical protections stripped away under the prior Administration, address the many new challenges that consumers face, and bring back a robust enforcement program.  Abusive payday lenders, banks, and credit card companies that rip off their customers, debt collectors that continue to harass borrowers, and firms that exploit young Americans in the student loan marketplace should all take notice.  We’ve seen how effective the CFPB can be, as it returned over $12 billion to victims of financial fraud and abuse in its early years of operation.  With Director Chopra at the helm, superbly qualified to lead the agency, we can expect to see that same level of dedication and accomplishment—and then some.”

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Better Markets is a non-profit, non-partisan, and independent organization founded in the wake of the 2008 financial crisis to promote the public interest in the financial markets, support the financial reform of Wall Street and make our financial system work for all Americans again. Better Markets works with allies – including many in finance – to promote pro-market, pro-business and pro-growth policies that help build a stronger, safer financial system that protects and promotes Americans’ jobs, savings, retirements and more. To learn more, visit www.bettermarkets.org.

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