Chopra jumps in as CFPB head

Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra found rare common ground with Republicans on Wednesday over efforts to address market-shifting actions by tech giants.

Chopra told the House Financial Services Committee during a hearing that the CFPB would “focus most of its resources on the largest firms that are engaged in nationwide harm,” instead of smaller companies less capable of fighting back.

“One of the things that drives me a little crazy is when federal agencies don’t focus their efforts on nationwide or systemic or severe harm,” said Chopra, a progressive Democrat, referring to the Federal Trade Commission (FTC).

Chopra served as an FTC commissioner from 2018 until his confirmation as CFPB director earlier this month. His criticism of fellow FTC commissioners for what he considered insufficient penalties for major tech companies drew high praise from Silicon Valley critics in both parties while alienating several of his colleagues.

During his first congressional appearance as CFPB director, Chopra again rebuked the FTC, saying it let Facebook and Google “off the hook” while “strong-arming” smaller firms into settlements. He said that under his watch, the CFPB would focus on cases “really totally beyond the pale” where large companies “clearly knew what the rules were” yet did not comply.