Bradley attorney Robert Maddox was quoted in American Banker on the Consumer Financial Protection Bureau’s (CFPB) decrease in enforcement actions and lagging employee morale under the leadership of CFPB Director Rohit Chopra.
The CFPB opened 25 new enforcement investigations in fiscal year 2022, compared with 64 in fiscal year 2021, explained Maddox. Under the Biden administration, many issues do not escalate into an enforcement issue or are not disclosed.
Maddox said Chopra is using a wide range of tools, from issuing advisory opinions to using the bully pulpit, to encourage financial institutions to adopt pro-consumer policies.
"Chopra is a pragmatist who realizes his directorship is tied to a Democrat in the White House," said Maddox. "If you only have a possible shelf life of four years, then the best way to make change is not through litigation and enforcement."
The full article, “CFPB enforcement actions plummet under Chopra,” was published by American Banker on June 5, 2023.