CFPB Sees Decrease in Enforcement Actions under Director Chopra

Enforcement actions have declined during Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra’s leadership, with only five actions filed thus far in 2023, compared to 20 in 2022. Chopra has shifted focus towards supervising banks and prompting policy adjustments, like reducing overdraft fees for consumers, rather than pursuing investigations of enforcement measures. The CFPB is expected to rollout more enforcement actions in the second half of this year, in addition to using a wide range of regulatory tools to encourage consumer-friendly policies. Chopra is scheduled to testify before the Senate Banking Committee and House Financial Services Committee on June 13/14.  Read More.