February 26, 2021

Lucy Morris comments for American Banker on upcoming CFPB Director confirmation hearing

The Senate Banking Committee is scheduled to begin the confirmation hearing for Rohit Chopra, Biden's pick to lead the Consumer Financial Protection Bureau (CFPB), on Tuesday, March 2. American Banker reports that Chopra's past comments calling out corporate bad behavior could make for a heated confirmation hearing. As a Democratic member of the FTC appointed during the Trump administration, he took particularly aggressive stands on FTC enforcement against large technology companies.

"He will be at least as aggressive as former Director Cordray, if not more so," said Hudson Cook Partner Lucy Morris, a former CFPB deputy enforcement director who worked with Chopra in the CFPB's early years. "His statements are very hard-hitting and the language is quite charged."

Lucy also noted that his aggressive approach is policy-focused, not personal. "He's very thoughtful, he thinks about things in a systematic way and he's really thinking broadly about how to use the bureau's authority," she said.

Read more of Lucy's comments on Chopra in Hudson Cook Insights, and stay tuned for more updates on the confirmation hearing.

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