Rohit Chopra addressed concerns about the Consumer Financial Protection Bureau (CFPB) potentially losing effectiveness or disappearing altogether. He noted that investigations have stalled, with cases against major firms seemingly dismissed. While state regulators are stepping in, Chopra questions their effectiveness in holding large companies accountable. He emphasized that the CFPB is crucial for fostering competition and innovation among financial service providers. Chopra highlighted the agency's role in returning billions to consumers, stressing its importance following the financial crisis that led to its creation.
When asked about these costs, Chopra said that the CFPB was a facilitator of innovation. It ensured that larger companies... did not use their positions to stifle upstarts.
But I really think if you don't turn the CFPB back on, there will be costs to people who are borrowing... and much more.
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