Chopra’s First CFPB Actions Send Warning on Unfair Competition

Rohit Chopra’s showcasing of his competition regulator experience less than a month into his new job at the Consumer Financial Protection Bureau is no accident.

The CFPB’s first enforcement action under Chopra was a $6 million penalty and consent order with prison financial services company JPay LLC to settle allegations of excessive fees charged for its debit card products. That was followed by questions sent to tech giants, including Apple Inc., Amazon.com Inc., and Google about how they use consumers’ data from digital wallets, payments apps and other financial tech products.

The actions highlight the CFPB’s focus on how dominant ...