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From the Web: CFPB Director Nominee: Where Does it Stand?


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Rohit Chopra’s confirmation is pending due to the process to fill his seat at the Federal Trade Commission and the balance of power there, according to media reports.

6/2/2021 9:00

President Joe Biden’s nomination for director of the Consumer Financial Protection Bureau, Rohit Chopra, remains pending in the U.S. Senate after four months. American Banker reports that some Democrats are concerned about the resulting Republican majority on the Federal Trade Commission, where Chopra serves now, if he is confirmed before his Democrat replacement on the FTC, Lina Khan. (A subscription is required to view the article.)

Chopra would also need to resign from the FTC if he is confirmed by the Senate, Alan Kaplinsky, partner at Ballard Spahr, reports. Chopra and Acting FTC Chair Rebecca Slaughter are the two Democratic commissioners on the FTC. Noah Phillips and Christine Wilson are Republicans, ACA International previously reported.

The Senate Commerce Committee approved Khan’s nomination in a May 12 hearing. U.S. Sens. Marsha Blackburn, R-Tenn., Mike Lee, R-Utah, Cynthia Lummis, R-Wyo., and Dan Sullivan, R-Alaska., voted against the nomination. If Khan’s nomination is approved by the full Senate she will be the youngest commissioner to serve on the FTC.

President Joe Biden has yet to nominate a commissioner to serve in the remaining seat on the FTC.

Former FTC Chair Joseph Simons resigned in January, which means there may be a delay in Chopra’s confirmation until that spot can be filled with a Democrat nominee from Biden. If Simons’ seat is not filled before Chopra resigns, the Republicans on the FTC would have a 2-1 majority.

ACA members can learn more about what Chopra’s nomination would mean for the CFPB and the accounts receivable management industry on the Feb. 24 ACA Huddle with Lucy Morris, partner at Hudson Cook LLP and a former CFPB deputy enforcement director, and Vaishali Rao, partner at Hinshaw & Culberston LLP.

Related Content from ACA International:

Senate Banking Committee Casts Tie Vote on CFPB Director Nomination

Rohit Chopra’s nomination is still expected to be considered by the full Senate under the power sharing agreement established this year.

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