CFPB Internal Shakeup to Supercharge Fintech, Big Bank Cops

The Consumer Financial Protection Bureau’s enforcement and supervision teams, including those overseeing financial technology firms and other nonbank lenders, will soon get a direct line to Director Rohit Chopra to correct potential violations.

The organizational restructuring, teased this week, will remove a buffer between the units and the head of the agency, potentially allowing the CFPB to act faster in going after the wide array of companies under its purview.

The change is part of Chopra’s broader plan to speed the agency’s response to developments in the marketplace, said Jenny Lee, a former CFPB enforcement attorney.

“Even in the operational ...