Chopra CFPB vs. Current Bureau
Earlier this week AFSA joined an industry panel organized by the House Financial Services Committee majority staff. The staff was seeking insights on the CFPB in the sunup to Acting Director Russell Vought’s testimony before the committee next week.
AFSA compared the Bureau under former Director Rohit Chopra to the current Bureau. We noted that today the Bureau is better aligned to meet the legitimate concerns of consumers while ensuring a properly functioning financial services industry. AFSA and the other industry leaders emphasized that political shifts could bring less-helpful changes to that balance, and the committee sought suggestions for how to ensure the agency maintained this new alignment permanently.
Among the suggestion AFSA put forward was the need for structural improvements (e.g., placing the Bureau under appropriations and thus congressional oversight, making it a bipartisan commission, giving it an inspector general, etc.). AFSA also noted that the current Bureau is not enforcing or has pared back many of the Biden Administration regulations, and how full rescission of the Chopra-era rules would be more effective in making these changes permanent.
When asked whether other rules needed to be completed, AFSA noted that the vehicle finance larger participant rule is still in process. AFSA also emphasized the need for the Bureau to follow the Administrative Procedure Act and not govern by blog post or enforcement. AFSA emphasized the need for UDAAP reform and further reforms to the CFPB’s complaint database.
Director Vought will appear before the Committee on Wednesday, July 15. AFSA will be in touch with House members both before and after the hearing and will provide information that should assist the Members in questioning Director Vought.
July 8th, 2026
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