CFPB Director Confirmation Remains Delayed
On January 20, 2021, shortly after Joe Biden was sworn in as President, Rohit Chopra was nominated for the Director of the Consumer Financial Protections Bureau (CFPB). As of today, the nomination is yet to be confirmed.
Chopra is currently one of five commissioners that sits on the Federal Trade Commission. The term length is 7 years; and no more than three of the five members can be of the same political party. Chopra, a Democrat, was confirmed in 2018 and has been given the tasks to oversee activities of Big Tech corporations that may create a threat to national security, fair competition and pose risks to people’s privacy.
According to a Biden administrator, “He [Chopra] has actively advocated to promote fairness and competitive markets that protect families and honest businesses from abuses.”
On January 20, 2021, in the wake of many new presidential nominees, President Biden appointed David Uejio as acting director of the CFPB. This role was created as an interim appointment while waiting for the senate to approve Rohit Chopra’s nomination. As the current acting director, Uejio leads a 1600 employee strong workforce with a $600M annual budget.
Acting Director Uejio recently spoke to The National Association of Attorney Generals where he made it clear what he felt his role was, “I’m not here to be a steward. The challenges facing our country are simply too urgent. As long as I’m in this role, I’ll be using every tool at the Bureau’s disposal to address the nation’s economic and housing security crisis brought on by the pandemic.”
Although the senate is slow to approve the nominee of Chopra, it’s expected that by July, he will be fully confirmed and take over the role as Director of the CFPB.
So, what’s the hold up?
Speculation is that it’s all political depending on who you ask, Democrat or Republican. According to a recent American Banker.com article, many believe the Senate is divided and will not confirm Chopra until another Biden-backed FTC commissioner is approved. I guess we just have to wait and see what transpires.
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