Rohit Chopra’s nomination is still expected to be considered by the full Senate under the power sharing agreement established this year.
The Senate Committee on Housing, Banking and Urban Affairs voted 12-12 Wednesday on Rohit Chopra’s nomination to lead the Consumer Financial Protection Bureau.
The committee held the nomination hearing for Chopra March 2, and a recommendation to the full U.S. Senate is expected in the coming weeks.
U.S. Sen. Pat Toomey, R-Pa., ranking member of the committee, addressed several concerns about the CFPB’s recent proposals on supervision, enforcement and final rules, including the debt collection rule (Regulation F), in a letter to the bureau’s acting director, David Uejio, last week, ACA International previously reported.
Toomey, according to Reuters, “cited Chopra’s previous work at [the] CFPB as a reason for voting against him.”
The Senate’s power sharing agreement created due to the 50-50 split between Democrats and Republicans should allow Chopra’s nomination to move forward to the full Senate for consideration.
Meanwhile, Toomey requested a response to several questions in the letter to the CFPB’s acting director by March 15, including more information on Uejio’s basis to explore the status quo with the QM and debt collection rules.
“As detailed in a series of recent statements, the bureau appears to believe that it can ignore jurisdictional limits and regulate without congressional authorization, that the economy can easily bear additional regulatory pressures, and that consumers can tolerate the resulting costs,” Toomey said in the letter to Uejio. “I request additional information about these announcements and urge you not to proceed until the Senate has acted to confirm a nominee to head the bureau.”
Related Content from ACA International:
Senate Banking Committee Ranking Member Expresses Concern About CFPB’s Regulatory Approach
Regulation by Enforcement Discussion Resurfaces in Chopra Nomination Hearing
CFPB Supervisory Guidance Takes Shape: Rule is in Effect March 15