Big Banks Targeted in CFPB Shift to High-Profile Enforcement

The pace of Consumer Financial Protection Bureau enforcement actions has been far slower than expected under Director Rohit Chopra as the agency focuses on big banks and repeat offenders.

During Chopra’s tenure, the CFPB has taken on the likes of Wells Fargo & Co., Bank of America Corp., TransUnion, and MoneyGram International Inc. while bringing fewer cases against debt collectors, credit repair organizations, and other smaller companies.

The focus on larger businesses has driven down the total number of cases the CFPB has either settled or litigated since Chopra’s October 2021 swearing-in as the agency’s director, but ...