The New Fighter At the CFPB
Bloomberg Businessweek|December 06, 2021
Rohit Chopra wants to know more about tech companies’ plans for financial products
Akayla Gardner

The Consumer Financial Protection Bureau has been a flashpoint in partisan politics and a focus of Wall Street’s ire since its inception a decade ago. Now the watchdog, which was created in the wake of the 2008 financial crisis to protect Americans from fraud and other abuses, has a new target: Big Tech.

Less than two months into his tenure as CFPB director, Rohit Chopra, who was formerly with the Federal Trade Commission, is laying the groundwork for greater scrutiny of Amazon.com, Apple, Facebook parent Meta Platforms, Google parent Alphabet, and other technology giants. The industry has been moving into consumer payments and other businesses traditionally dominated by banks and other financial-services companies.

Politically, Chopra is making a safe bet. Big Tech is a popular villain in Washington among Democrats and Republicans alike. And his record of taking on big business in antitrust fights at the FTC makes him a viable threat to Silicon Valley’s finance ambitions. At the CFPB, Chopra has significant authority to pursue lawsuits and write new rules. “We cannot have a two-tier system where financial institutions have to play by the rules, [and] where Facebook and other tech companies using mysterious black-box algorithms get to skate off with no accountability,” Chopra said on Oct. 28 in his first testimony as CFPB director before the Senate Banking Committee.

The CFPB was sidelined by the Trump administration. For a while it was essentially led part time by Mick Mulvaney, who was also the White House budget director and a longtime critic of the agency. Enforcement actions were scaled back. Now progressive Democrats and consumer advocates are looking to Chopra—a protégé of Senator Elizabeth Warren, who helped conceive the agency—to make the regulator relevant again.

Continue reading your story on the app

Continue reading your story in the magazine

MORE STORIES FROM BLOOMBERG BUSINESSWEEKView All

The Fed's Mind Control

The idea that monetary policy shapes inflation expectations is about to get road-tested

5 mins read
Bloomberg Businessweek
January 24, 2022

Sheltered Paradise

With spectacular beaches, top-tier resorts, and a stellar Covid record, Anguilla is growing even more irresistible.

6 mins read
Bloomberg Businessweek
January 24, 2022

Same City - Different Games

What’s changed since Beijing last held the Olympics? Almost everything

4 mins read
Bloomberg Businessweek
January 24, 2022

Keeping Covid Out of The Cabin

As the pandemic enters Year 3, airlines are stepping up their hygiene routines

4 mins read
Bloomberg Businessweek
January 24, 2022

Boxed In on China

Biden’s inability to extract concessions from Beijing is a liability going into November’s midterms

5 mins read
Bloomberg Businessweek
January 24, 2022

Revisit Your Retirement Strategy

High valuations, rising interest rates, and spiking inflation make it time for a checkup

6 mins read
Bloomberg Businessweek
January 24, 2022

Ponzi schemer On the Pacific

Gina Champion-Cain was a beloved friend, mentor, and pillar of the San Diego business community. But her successful image and lavish lifestyle were fueled by a $400 million fraud

10+ mins read
Bloomberg Businessweek
January 24, 2022

How Did Blake Hall Get Between You And Your Identity?

During the pandemic his online-authentication company, ID.me, became the government’s digital gatekeeper. And its grip is only getting tighter

10+ mins read
Bloomberg Businessweek
January 24, 2022

Biden's Year 2 Test

As the pandemic wears on and prices rise, many Americans are disillusioned with the president. Can he win them back?

10+ mins read
Bloomberg Businessweek
January 24, 2022

A FIGHT OVER DISCRIMINATION IN THE AGE OF ALGORITHMS

Redfin has staked its reputation on making a racist industry more equitable. Critics say it’s been denying services to Black homebuyers and sellers

10+ mins read
Bloomberg Businessweek
January 24, 2022
RELATED STORIES

AMAZON PLANS A CLOTHING STORE FOR A SOUTHERN CALIFORNIA MALL

Amazon says it plans to open a clothing store in a Southern California mall later this year, a first for the online behemoth and a fresh challenge for already struggling traditional retailers.

2 mins read
Techlife News
January 22, 2022

2ND ELECTION FOR AMAZON WORKERS IN ALABAMA WILL BE BY MAIL

A federal labor board said that Amazon workers in Bessemer, Alabama, will vote by mail next month in a re-run election to decide whether or not to unionize.

2 mins read
AppleMagazine
January 14, 2022

AMAZON PLANS TO OPEN NEW CENTRAL INDIANA WAREHOUSE THIS YEAR

Mayor Steve Barnett said the exact number of expected jobs has not yet been shared with the city, the Daily Journal reported. City officials said the warehouse will receive inventory and workers will sort and ship orders.

1 min read
Techlife News
15, January 2022

JUDGE SAYS FTC'S ANTITRUST CASE AGAINST FACEBOOK CAN PROCEED

A federal judge has ruled that the Federal Trade Commission’s revised antitrust suit against Meta, formerly known as Facebook, can proceed, shutting down the social media company’s request for a dismissal.

1 min read
Techlife News
15, January 2022

CREATE A WILDLIFE Oasis

10 easy ways to make your yard a better place for birds, bees, butterflies and more.

4 mins read
Birds & Blooms
February/March 2022

ANDROID ON PC SHOWDOWN: WINDOWS 11 VS. CHROMEBOOKS

WHICH PLATFORM OFFERS A BETTER EXPERIENCE FOR ANDROID APPS?

7 mins read
PCWorld
January 2022

Amazon Halo View: Low Price, Big Gains

A budget-friendly Fitbit alternative

10+ mins read
PC Magazine
January 2022

MUSIC: CLIMBING THE CHARTS TO BECOME NUMBER ONE

Though Apple Music may still be playing catchup to Spotify in terms of users, new data from the Mechanical Licensing Collective has revealed Apple is the industry leader when it comes to royalties, demonstrating the company’s commitment to paying talent. As Apple continues to expand its services, the future looks bright, with new Music innovations coming their way.

6 mins read
Techlife News
25, December 2021

BANKS SLOWLY RECONSIDER OVERDRAFT FEES, AMID PUBLIC PRESSURE

The banking industry appears to have overdone it on overdraft fees.

4 mins read
Techlife News
Techlife News #529

SURVIVAL SCHOOL INSIDER

RANDALL'S ADVENTURE & TRAINING OFFERS HARDCORE LESSONS FOR ULTIMATE CHALLENGES.

10 mins read
American Outdoor Guide
January 2022