Read more at source.
Read more at source.
During Chopra's tenure, the CFPB proposed limiting data brokers' ability to sell personal data, sued major US banks for fraud on Zelle, and issued a rule putting digital payment services like Apple Pay, Google Wallet, and PayPal under bank-like supervision. These actions highlighted Chopra's commitment to consumer protection and his willingness to challenge powerful tech companies and financial institutions.
Chopra's aggressive regulatory stance had significant implications for the tech and financial sectors. The proposed limitations on data brokers and the bank-like supervision of digital payment services represented a significant increase in regulatory oversight. These measures were designed to protect consumers, but they also faced significant pushback and litigation from the industries affected.
With Chopra's removal, the future of the CFPB and its approach to regulation is uncertain. President Trump has been replacing officials appointed by the Biden administration with his own allies, and Elon Musk, who is leading government efforts to cut spending, suggested last year that the US should delete the CFPB. However, Senator Elizabeth Warren warned that any attempts to weaken the CFPB would face significant opposition.
With so much power concentrated in the hands of a few, agencies like the CFPB have never been more critical, Chopra wrote in his letter. We've led efforts across the government to stop the scourge of junk fees in banking and across sectors of the economy, to tame the harmful impacts of medical bills riddled with errors, and to limit the creep of surveillance by data brokers that puts our sensitive data in the hands of foreign adversaries.
