March 1, 2021
Auto Finance News interviews Lucy Morris for article on new CFPB leadership
With Senate confirmation hearings set to begin this week to confirm Biden's pick of Rohit Chopra to lead the Consumer Financial Protection Bureau (CFPB), Auto Finance News analyzed Chopra's previous work and comments with both the FTC and CFPB. Hudson Cook Partner Lucy Morris worked with Chopra in the early days of the Bureau's inception.
According to Lucy, Chopra is known for being an outspoken advocate for consumers and, as a commissioner at the FTC, has a reputation for "being tough on companies that are under investigation and tough on the lawyers representing them. He really pushes for stronger remedies against alleged wrongdoers: more money back to consumers; higher penalties; more detailed and onerous compliance requirements; holding more actors in the chain of the transaction responsible. . . "Sometimes when he speaks, he talks a lot like Richard Cordray, the first director." Lucy also expects an added emphasis on fair lending, in line with the Biden administration's agenda.