Since Director Rohit Chopra assumed leadership of the Consumer Financial Protection Bureau (bureau or CFPB) last year, the financial services industry has speculated the agency may take a harsher enforcement stance. This is due in part to Director Chopra’s track record at the Federal Trade Commission (FTC) but also due to various warnings given. Shortly after Director Chopra was sworn into his role last October, he testified before Congress that he intended to focus the agency’s enforcement efforts on repeat offenders. Just six months later, it appears that Director Chopra is determined to continue his record, firing off another warning to the industry and just weeks later initiating two enforcement actions for repeat offenses.
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