Biden consumer watchdog pick signals more aggressive stance

CHARLOTTE, N.C. (AP) — President Joe Biden’s nominee to run the federal consumer watchdog agency has indicated that if confirmed he would restore more aggressive enforcement actions against companies and banks that largely faded during the Trump administration. Rohit Chopra would be the third permanent director of the decade-old Consumer Financial Protection Bureau, which was created in the aftermath of the 2008 financial crisis. Chopra signaled his Senate confirmation hearing Tuesday that he wants to return the agency to its former self. During the Trump administration, the CFPB drastically scaled back its enforcement actions, both in number and size, and it relegated concerns, such as fair lending, to a much smaller position inside the bureau.