The Chopra CFPB Arrives with a Warning to Big Tech
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Rohit Chopra, the newly confirmed director of the Consumer Financial Protection Bureau (CFPB), and his team have announced their first formal inquiry, marking the beginning of an enforcement agenda that many in the financial services industry predict will test the boundaries of the organization’s power.
On October 21, the CFPB announced an inquiry into six Big Tech payment platforms and a study of two Chinese payments platforms. The companies include some of the top technology firms in the world. The announcement should not come as a surprise based on recent attempts by Congress to rein in the power of Big Tech and Chopra’s reputation as a consumer advocate who is frequently tough on technology companies. This is probably just the beginning, and we project similar inquiries will start happening with smaller entities.
Read this paper by Michael Canale and Vincent Urbancic to understand your potential risks in the new areas the CFPB is focused on. BRG experts have significant experience on CFPB matters, including serving as the independent consultant on multiple consent orders where we assessed compliance with CFPB requirements and helped companies to remediate their issues and ultimately meet the expectations of the Bureau.
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