Republicans, who’ve opposed the CFPB from existence and have called for its powers to be drastically curtailed, cited Chopra’s record as a cause for severe concern. GOP senators also insisted that Chopra should be disqualified from leading the CFPB after refusing to respond to questions about the acting director’s dismissal of some bureau staff.
“It's clear to me that Commissioner Chopra would very likely return the CFPB to the rogue, unaccountable, anti-business agency it was during the Obama administration," said Sen. Pat Toomey (R-Pa.), the top Republican on the Senate Banking panel, in a speech before the vote.
Chopra joined the CFPB in 2012 as the agency’s first student loan ombudsman and regularly condemned student loan collection companies for misleading and bilking borrowers. The CFPB has since sued several student loan servicers, some of which later announced plans to transfer their portfolios to other loan collectors.
He subsequently joined the Education Department as a senior advisor in 2016 and then the Consumer Federation of America before former President Trump nominated him to the FTC in 2017. To read more click here.
Joseph Lynyak III, a partner at law firm Dorsey & Whitney summed up the situation when he said, "The questions on the minds of the consumer industry are simple: will the CFPB return to regulation by enforcement? Similarly, will it direct its litigation efforts at large banks and mortgage lenders, or will it focus on smaller non-bank and fringe participants such as payday lenders and debt collectors?"