On September 30, 2021, Allyson Baker was quoted in Politico Pro on what to expect following the Senate’s confirmation of Rohit Chopra as director of the Consumer Financial Protection Bureau (CFPB).
According to the article, credit reporting companies, small-dollar lenders, debt collectors and financial technology startups are among the players expected to face scrutiny from Chopra’s CFPB, as well as the student loan industry and mortgage servicers. The agency under interim leadership for the last eight months has already taken some initial steps to address lenders’ pandemic-era treatment of consumers and to advance the Biden administration’s racial justice priorities.
“It’s already on the track, but Chopra’s going to be driving the train faster,” said Baker.
With Democrats in control of Congress and the White House, Chopra will likely be able to operate, at least initially, with fewer existential threats from Republicans and industry groups that fought to gut the agency early in its existence when it was run by former director Richard Cordray.
“Chopra isn’t going to have to deal with a lot of the issues that Cordray had to deal with,” Baker said. “He’s just going to be able to implement an agenda that’s progressive in an administration that has a lot of the Warren camp in it.”