CFPB’s Chopra Defends Guidance Docs Targeted by Industry Critics

CFPB Director Rohit Chopra defended his policy-making through advisory opinions and other agency documents as an exercise in transparency, responding to charges that he makes unilateral decisions without industry input.

The US Chamber of Commerce and industry trade groups representing banks, debt collectors, and other financial companies have raised concerns that the Consumer Financial Protection Bureau is using the documents to lay out significant policy changes without providing companies and others affected by the changes with an opportunity to comment.

Those concerns are misplaced, Chopra said in a July 22 interview. By putting out a series of advisory opinions, changes ...