Republicans Preview Harsh Oversight of CFPB's Chopra in Next Congress

Source: American Banker

In a series of blistering back-and-forths with Republican lawmakers, Consumer Financial Protection Bureau Director Rohit Chopra defended a series of guidance documents and other public materials released by the agency.

Republicans repeatedly categorized press releases, public guidance and other content on the CFPB's website as de facto rulemakings, leading to multiple heated exchanges with Chopra. The accusations echo previous complaints about former CFPB Director Richard Cordray, who Republicans said attempted to regulate by unofficial channels rather than going through the public notice-and-comment periods.

The tone of the hearing — the last one scheduled with Rep. Maxine Waters, D-Calif., as chair — previews Republicans' political aims in the next Congress, when they will have the gavel of the committee. Rep. Patrick McHenry, R-N.C., the committee's chairman-elect, said that the House Financial Services Committee will pursue "aggressive oversight to rein in the unaccountable CFPB."

Related: Prepared Statement of Director Rohit Chopra before the House Committee on Financial Services