WASHINGTON — A group of House Republicans wrote to Consumer Financial Protection Bureau Director Rohit Chopra challenging the bureau's ability to host an
House Republicans have been vocally critical of Chopra and the CFPB, hosting hearings and floating legislation that would curb the bureau's power. While that trend has
In the letter to Chopra, the group of Republicans led by Rep. Young Kim, R-Calif., and including Rep. Andy Barr, R-Ky., the chairman of the subcommittee on financial institutions, criticized Chopra for an announcement made last month that he would work with his counterpart in Europe to identify emerging consumer threats in
According to the letter, the CFPB doesn't have the authority to make deals with the European Commission, because the bureau doesn't have an implicit power from Congress to engage in policymaking discussions with foreign nations and foreign agents.
"In our view, any agreement reached on policies between the CFPB and the EU will not enjoy the enforcement of U.S. law," the lawmakers said in the letter.
The Republicans also raised concerns that the CFPB would share supervisory confidential information with its European counterparts.
"Given the CFPB's troubling pattern of opacity, lack of accountability, and unlawful actions under your leadership, we are concerned that the transatlantic dialogue in a non-public format will lead to secret policy decisions that harm U.S. consumers, small businesses, startups, and financial institutions, and potentially undermine U.S. legal frameworks," the lawmakers said.
The lawmakers asked that the CFPB end its informal dialogue with the EU unless it has explicit authorization from Congress, and that Chopra brief the House Financial Services Committee on the details of talks so far.
