With the Consumer Financial Protection Bureau (CFPB) emerging unscathed by the Supreme Court of the United States last week, Director Rohit Chopra declared, “the CFPB will be firing on all cylinders” in the coming months.
Chopra, whose comments appeared in POLITICO, announced plans to expand the bureau’s enforcement team, adding 75 staff members, attorneys, investigators, paralegals and economists. All told, the team will total 275 members following expansion.
In a letter to IBAT members last week, IBAT President and CEO Christopher Williston restated the association’s commitment to reigning in the bureau.
“IBAT remains committed to pursuing a new governance framework for the bureau that will place it under the oversight of a bipartisan board, rather than the single rule of a director,” Williston said. “Business as usual inside the bureau means a steady stream of actions that overstep the bureau’s authority, sidestep administrative procedure and often veer into regulation by intimidation. No agency in the federal government is more deeply politicized than the CFPB, with its governance by an all-powerful director who can be fired at will by any President, at any time.”
