CFPB Under Chopra Proved Financial Watchdog Essential to Marketplace

For immediate release

February 1, 2025

CFPB Under Chopra Proved Financial Watchdog Essential to Marketplace

Washington, DC – Rohit Chopra, director of the Consumer Financial Protection Bureau, issued a statement on social media earlier today stating that his “term as CFPB director has concluded.”

Below is the statement of Christine Hines, Senior Policy Director, National Association of Consumer Advocates.

“The National Association of Consumer Advocates is deeply appreciative of the Consumer Financial Protection Bureau’s performance under Director Rohit Chopra’s leadership. During his tenure, the CFPB strived to carry out its mission to protect consumers, showing repeatedly that it plays a critical role in the vast, evolving financial services marketplace.”

“The CFPB under Director Chopra enforced consumer laws, holding lawbreaking banks, lenders, credit card companies, debt collectors, mortgage servicers, consumer reporting agencies, data brokers, and others accountable for misconduct that was unfair, deceptive, and fraudulent, and that siphoned off money from the pockets of vulnerable people. It issued safeguards, including to rein in overdraft fees and to guard against violations of consumers’ privacy and misuse of their personal financial data in digital transactions.”

“It took promising steps to protect Americans’ legal rights that are too often swept away in the terms and conditions of financial services. And it vigorously continued the work of returning billions of dollars – at least $6 billon during Chopra’s tenure – to cheated and defrauded consumers, including all its efforts to curb excessive junk fees.”

“Director Chopra and his team recognized that the competitive financial marketplace – consumers and the regulated financial institutions – thrives when products and services are fair, equitable, safe, and effective. They demonstrated that the CFPB plays an essential role protecting older Americans, veterans, servicemembers, and working families from financial fraud and deception.”

“Director Chopra should have been permitted to complete his five-year term. Nevertheless, the next CFPB director must carry on in the spirit of their predecessor’s work with diligent product monitoring and research, vigilant enforcement of existing laws, and issuance of strong safeguards to ensure all American consumers are protected.”

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