Response comes following launch of wide-ranging campaign against Bureau director.
Firing back at the U.S. Chamber of Commerce, officials from the Consumer Financial Protection Bureau (CFPB) made it clear this week that they do not intend to back down from their aggressive policing of financial markets.
“Scare tactics orchestrated by lobbyists for Big Tech and Wall Street won’t deter the work of the CFPB to enforce the law,” an agency spokesperson said, when asked for reaction to the high-profile fight launched by the Chamber. “We remain focused on ensuring fair, transparent, and competitive markets for American consumers and honest businesses who play by the rules.”
Background to the Dispute
Earlier this month, the Chamber announced an extensive campaign to “expose and defeat” the CFPB’s agenda being driven by Director Rohit Chopra. That effort features a six-figure digital ad campaign charging that the Bureau leader is an unaccountable and radical regulator. The Chamber also filed six requests under the Freedom of Information Act for several documents, including the CFPB’s current procedural manual, while its Litigation Center also attacked Chopra’s decisions as “unlawful and imprudent.”
Bureau Defends Record
The CFPB official said that in less than a year, agency moves have resulted in significant changes in overdraft policies and major changes in the reporting of medical debt to consumer credit agencies.
“Big corporations and their lobbyists want to preserve a system where American families and small businesses are left to fend for themselves against those that repeatedly violate the law,” the spokesperson added.