Chopra Wants CFPB to Promote Competition in Consumer Finance

President Biden’s CFPB nominee Rohit Chopra would bring his experience as a competition regulator to his new post, potentially allowing the bureau to hone its innovation policies to benefit smaller banks and other financial firms.

Promoting competitive financial markets for consumers is an overlooked part of the Consumer Financial Protection Bureau’s founding statute, but Chopra has pledged to pursue it if the Senate confirms him.

“Dominant players should not be able to squelch out competition, and that’s something we need to always be mindful of,” Chopra, a Democratic member of the Federal Trade Commission, told senators March 2 at his ...