Since taking the helm, Chopra has sued, fined or otherwise targeted some of the nation's biggest financial institutions, including Wells Fargo & Co., Bank of America Corp. "It's going to be a major distraction if you're trying to move enforcement or regulation forward." "There's going to be enhanced scrutiny of everything the CFPB does," Jonathan Engel, co-leader of the enforcement and investigations practice within the banking services group at law firm Davis Wright Tremaine and a former CFPB enforcement attorney, said in an interview. While that agenda will not change under a House GOP majority, the agency may face a hostile Congressional environment as lawmakers attempt to slow down its work, former CFPB officials and analysts told S&P Global Market Intelligence. Among other actions, Chopra has targeted junk fees, increased the power of the agency's examiners, launched numerous lawsuits against banks and other financial companies, and partnered with state regulators on enforcement actions. ![]() ![]() Those complaints have only strengthened since CFPB Director Rohit Chopra took over in October 2021 and implemented an aggressive regulatory and enforcement agenda. ![]() ![]() Republican lawmakers have voiced sharp opposition to the watchdog agency's power over the banking industry for years. The Consumer Financial Protection Bureau faces a bumpy road ahead if the GOP gains an expected majority in the U.S.
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