The U.S. Chamber of Commerce launched a campaign against what it calls the Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra’s ideological driven agenda to change the nature of America’s financial services industry.
In a release announcing the campaign, the chamber said the campaign is specifically objecting to several alleged unlawful actions including Chopra’s intentions to change rules without accountability, injecting great uncertainty into the market therefore causing financial companies to limit the types of mortgages, car loans, and personal credit they can offer consumers. Chopra also has proposed outright bans on certain products and has stated his intention to restructure the industry, ultimately hurting consumers by limiting choice and diminishing competition, the release contended.
The chamber’s campaign includes launching a new digital ad campaign highlighting what it views as Chopra’s radical agenda. It also will file six Freedom of Information Act (FOIA) requests. The release stated the FOIAs “demand that the agency make available its current procedural manual, records relating to the agency’s communications with the White House or President Biden’s July 9, 2021, Executive Order on Competition, among other requests for additional transparency.”
In addition, the chamber said it will be “issuing two letters from the chamber’s litigation center detailing the CFPB’s unlawful and imprudent actions. The first letter details Chopra’s unlawful actions to rewrite the ‘unfairness’ standards via a change to the agency’s examination manual. The second letter describes four other legally dubious actions, including its ‘Policy Fellowship Program,’ changes to administrative adjudication procedures, changes to supervision of non-depository financial institutions and issuance of an ’interpretive rule’ announcing new authority for state attorneys general.”