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Republicans press CFPB director on rulemaking and authority; Chopra defends ongoing actions
Summary
Republican senators at the Banking Committee hearing criticized CFPB rulemaking timing and scope, with some calling for Director Rohit Chopra’s resignation; Chopra defended the bureau’s five-year term, ongoing rulemaking to address consumer harms and enforcement activity.
Ranking Republicans used the hearing to press CFPB Director Rohit Chopra on the timing, scope and cost-benefit analysis of recent rulemakings and on whether he would resign at the change in administration.
Senator Tim Scott sharply criticized recent CFPB activity and told Chopra, "I look forward to hearing that you will be resigning effective January 20th." Chopra replied that "we serve and are confirmed for a 5 year term" and noted the…
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