US Chamber of Commerce Hints it is Prepared for Litigation Against the CFPB
The US Chamber of Commerce is not thrilled with the CFPB’s attempt to allegedly expand its power. A June 28 letter fired off by the Chamber to CFPB Director Rohit Chopra asks that the agency rescind amendments added to its Supervision and Examination Manual. Specifically, it wants the CFPB to limit its enforcement of anti-discrimination laws to the statutory boundaries established by congress. The CFPB recently announced, however, that it would start to enforce its own self-created anti-discrimination rules and policies above and beyond what is permitted by existing law.
“The Bureau’s self-expansion of its authority will impose significant burdens on banks, financial markets, and the consumers they serve,” the Chamber writes.
CFPB Director Chopra has garnered a bit of reputation for his views. He was previously a director of the FTC and rode into the top role of the CFPB through the Biden Administration. Chopra now finds himself in the crosshairs of the US Chamber of Commerce, the “world’s largest business organization.” With more than three million members, the Chamber warned that if the agency attempts to enforce its “unlawful” powers, that it is prepared to engage in litigation.
“Instead of perpetuating an improper exercise of authority, the Bureau should respect the limits of its authority and rescind these troubling amendments,” the Chamber’s Chief Counsel wrote on “Litigation Center” letterhead. “We encourage you to follow this course. The Chamber will not hesitate to take legal action to defend businesses (and the economy that they serve) against the Bureau’s unlawful actions.”
Two versions of the letter were sent. This is a link to one of them.Last modified: June 29, 2022