{"id":901,"date":"2022-07-04T16:25:58","date_gmt":"2022-07-04T08:25:58","guid":{"rendered":"https:\/\/www.gochambers.com\/globalupdates\/?p=901"},"modified":"2022-09-26T11:22:36","modified_gmt":"2022-09-26T03:22:36","slug":"u-s-chamber-of-commerce-launches-campaign-to-rein-in-out-of-control-cfpb-director-rohit-chopra","status":"publish","type":"post","link":"https:\/\/www.gochambers.com\/globalupdates\/latest-news\/u-s-chamber-of-commerce-launches-campaign-to-rein-in-out-of-control-cfpb-director-rohit-chopra\/","title":{"rendered":"U.S. Chamber of Commerce Launches Campaign to Rein In Out-of-Control CFPB Director Rohit Chopra"},"content":{"rendered":"<p class=\"f-body-1\" data-component=\"uscc:block:paragraph\"><strong>Washington, D.C. \u2013\u00a0<\/strong>The U.S. Chamber of Commerce today launched an extensive campaign to expose and defeat Consumer Finance Protection Bureau (CFPB) Director Rohit Chopra\u2019s ideologically driven agenda to radically change the nature of America\u2019s financial services industry. If allowed to proceed, his agenda would harm consumer choice and innovation.<\/p>\n<p class=\"f-body-1\" data-component=\"uscc:block:paragraph\">In various speeches, Director Chopra has outlined extreme and inaccurate views around the state of our financial system regulations. He has:<\/p>\n<ul class=\"f-body-1 list-disc pl-16\" data-component=\"uscc:block:list\">\n<li class=\"mb-space-2\">Described \u201crepeat offenses\u201d as \u201cpar for the course for many dominant firms.\u201d<\/li>\n<li class=\"mb-space-2\">Stated that financial regulators were \u201c&#8230;clueless and often corrupt lawyers and economists&#8230;often seen as auditioning for a future job&#8230;\u201d<\/li>\n<li class=\"\">Coined the term \u201cjunk fees\u201d as \u201cexploitive income streams\u201d in a heavy-handed attempt to vilify legal products that have well-disclosed terms.<\/li>\n<\/ul>\n<p class=\"f-body-1\" data-component=\"uscc:block:paragraph\">The Chamber\u2019s campaign is specifically objecting to several unlawful actions including Chopra\u2019s intentions to change rules without accountability, injecting great uncertainty into the market therefore causing financial companies to limit the types of mortgages, car loans, and personal credit they can offer consumers. Chopra has also proposed outright bans on certain products and has stated his intention to restructure the industry, ultimately hurting consumers by limiting choice and diminishing competition.<\/p>\n<p class=\"f-body-1\" data-component=\"uscc:block:paragraph\">\u201cDirector Chopra is attempting to use the CFPB to radically reshape the American financial services sector,\u201d said Neil Bradley, Executive Vice President and Chief Policy Officer at the U.S. Chamber of Commerce.\u00a0\u201cRohit Chopra has an outsized view of the CFPB\u2019s role and the Director\u2019s power. By willfully mischaracterizing the state of competition in the market\u00a0Chopra is laying the groundwork to force the financial services sector to comport with his personal vision of the appropriate size of companies and what products and services should be offered and under what conditions. No previous CFPB Director has thought they had such power. Rohit Chopra\u2019s radical agenda and reckless actions will only hurt consumers, businesses, and our economy and he needs to be held accountable.\u201d<\/p>\n<p class=\"f-body-1\" data-component=\"uscc:block:paragraph\">As part of this campaign, the U.S. Chamber of Commerce is:<\/p>\n<ul class=\"f-body-1 list-disc pl-16\" data-component=\"uscc:block:list\">\n<li class=\"mb-space-2\">Launching a new six figure digital ad campaign. The ads highlight Director Chopra\u2019s outsized view of his role and radical agenda, subject to no accountability.<\/li>\n<li class=\"mb-space-2\">Filing six Freedom of Information Act (FOIA) requests. The FOIAs demand that the agency make available its current procedural manual, records relating to the agency\u2019s communications with the White House on President Biden\u2019s July 9, 2021 Executive Order on Competition, among other requests for additional transparency.<\/li>\n<li class=\"\">Issuing two letters from the Chamber\u2019s Litigation Center\u00a0detailing the CFPB\u2019s unlawful and imprudent actions. The first letter details Director Chopra\u2019s unlawful actions to rewrite the \u201cunfairness\u201d standard via a change to the agency\u2019s examination manual. The second letter describes four other legally dubious actions, including its \u201cPolicy Fellowship Program,\u201d changes to administrative adjudication procedures, changes to supervision of non-depository financial institutions, and issuance of an \u201cinterpretive rule\u201d announcing new authority for state attorneys general.<\/li>\n<\/ul>\n<p class=\"f-body-1\" data-component=\"uscc:block:paragraph\">The U.S. Chamber of Commerce is committed to pushing back against Director Chopra\u2019s rogue CFPB and protecting American business and consumers from government-dictated consumer financial services offerings.<\/p>\n<p>Source :<a href=\"https:\/\/www.uschamber.com\/finance\/u-s-chamber-of-commerce-launches-campaign-to-rein-in-out-of-control-cfpb-director-rohit-chopra\">U.S. Chamber of Commerce\u00a0<\/a><\/p>\n<p>#GOCHambers #Businesschambers #Chamberofcommerce #Chambernews #Businessnews<\/p>\n<p><a href=\"https:\/\/www.gochambers.com\/\">Gochambers.com<\/a> is the leading business chamber listing portal with over 30,000 chambers listed with us and its absolutely free.<br \/>\nIn Gochambers.com, you can find the listing of business chambers from all over the world base on locations \/ industry and you can interact or contact them and find their exclusive property space for lease and attend their private events.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Washington, D.C. \u2013\u00a0The U.S. Chamber of Commerce today launched an extensive campaign to expose and defeat Consumer Finance Protection Bureau (CFPB) Director Rohit Chopra\u2019s ideologically driven agenda to radically change the nature of America\u2019s financial services industry. If allowed to proceed, his agenda would harm consumer choice and innovation. In various speeches, Director Chopra has [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":902,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"tdm_status":"","tdm_grid_status":"","footnotes":""},"categories":[3],"tags":[29,49,180],"class_list":{"0":"post-901","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-latest-news","8":"tag-chamber-of-commerce","9":"tag-chambers","10":"tag-chambers-news"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>U.S. Chamber of Commerce Launches Campaign to Rein In Out-of-Control CFPB Director Rohit Chopra - Chamber Listing Search Engine<\/title>\n<meta name=\"description\" content=\"U.S. Chamber of Commerce today launched an extensive campaign to expose and defeat Consumer Finance Protection Bureau (CFPB)\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.gochambers.com\/globalupdates\/latest-news\/u-s-chamber-of-commerce-launches-campaign-to-rein-in-out-of-control-cfpb-director-rohit-chopra\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"U.S. Chamber of Commerce Launches Campaign to Rein In Out-of-Control CFPB Director Rohit Chopra - 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