WASHINGTON – Rohit Chopra, Director of the Consumer Financial Protection Bureau, told lawmakers about his intentions to investigate large technological companies’ cash flow.
This interest in big tech companies came from real-time consumer payments systems designed to collect personal data from customers.
More precisely, Chopra aims to discover how large tech companies make money from the information they collect from their customers. More importantly, Chopra aims to determine how technology companies ensure consumer data protection in these payment systems.
Chopra also aims to increase the agency’s enforcement with companies that violate consumer finance laws repeatedly.
Furthermore, Rohit aims to increase competitiveness among American homeowners by minimizing the threat of foreclosures during payment delays.
Rohit Chopra is one of the longest consumer advocates, personally endorsed and tapped by President Joe Biden. Chopra released a thorough outline to show the agency’s plans during the first CFPB hearing with the House of Representatives Financial Services Committee.
Chopra’s plan would increase the bureau’s receptivity with Americans in its ability to increase consumer protection. Despite numerous Republican claims of the CFPB being overpowerful and unaccountable, Chopra hopes to use his built reputation to perform his duties as a full-time director.
Chopra helped Elizabeth Warren establish the CFPB in 2010, where he eventually became the third director of the bureau.
According to Issac Boltansky, director of BTIG, Chopra’s new position would provide him with all the necessary utilities to better exercise the bureau’s broad authority.