“One of the things that bothers me so much is when small players break the law, they get shut down,' Chopra said, 'and when the large players repeatedly break the law, it feels like nothing happens.' The Chopra CFPB will target big fish: He said enforcement resources should be focused on the largest firms causing nationwide harm. Some of the key takeaways from our colleague Katy O’Donnell:
Chopra, who served as the agency’s first student loan ombudsman during the Obama administration, made clear he intends to reinvigorate the bureau’s enforcement activity, particularly for large financial firms, and take a closer look at Big Tech, a move underscored last week by his letter to Silicon Valley firms seeking more details on their use of consumer data. The newly confirmed director of the Consumer Financial Protection Bureau testified for more than four hours Wednesday in his first appearance before Congress since he was sworn in Oct.
The POLITICO Pro platform combines the news you need with tools you can use to take action on the day’s biggest stories. Editor’s Note: Morning Money is a free version of POLITICO Pro Financial Services morning newsletter, which is delivered to our subscribers each morning at 5:15 a.m.
