President Joe Biden has officially nominated Rohit Chopra to head the Consumer Financial Protection Bureau (CFPB). Chopra currently is a Commissioner on the Federal Trade Commission (FTC) and has previously served as Assistant Director of the CFPB.
Chopra previously worked with Sen. Elizabeth Warren on establishing the CFPB back in 2008 and served as both the CFPB Assistant Director and the student loan ombudsperson after the agency launched in 2011. Senator Warren commented that Chopra has been "a fearless champion for consumers at the FTC and will be a fearless champion leading the consumer agency."
Some feel the appointment of Chopra will result in increased oversight and involvement by the CFPB. According to complianceweek.com, Rachel Rodman, a partner at Cadwalader, Wickerson & Taft, and previous CFPB regulator from 2011-2016, stated "the CFPB under Chopra will revert back to an aggressive enforcement stance last seen under Cordray."
While Chopra was confirmed unanimously by the Senate in 2018 for his current position at the FTC, there is some speculation that his confirmation as CFPB Director may be more difficult. The CFPB has long been a target of GOP lawmakers. Many view the agency's tough regulations as executive overreach and oppose the Bureau being helmed by a single director with power that isn't subject to the congressional appropriations process. The GOP spent the past few years loosening the control that the CFPB had over the financial industry. While the confirmation process could drag out, Chopra is already a Senate confirmed official and under the federal law for filling temporary vacancies, he could become the acting CFPB Director immediately and stay in the position for approximately 300 days.
We will be keeping a close eye on Chopra's confirmation and monitor any impact it may have on the title industry.