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McHenry Slams CFPB Director Chopra's Moves to Create Registry of Nonbank Financial Firms

Statement

Date: Jan. 11, 2023
Location: Washington, DC
Issues: Finance and Banking Government Operations

Today, the Chairman of the House Financial Services Committee, Patrick McHenry (NC-10), issued the following statement in response to the Consumer Financial Protection Bureau's (CFPB) recent actions regarding the registration of nonbank financial firms.

"This is another attempt by Director Chopra to unilaterally expand the CFPB's authority beyond Congress' intent and to mandate what Democrats were unable to legislate," said Chairman McHenry. "This proposed registry of terms and conditions will facilitate the naming and shaming of firms to empower progressive activists. Requiring nonbank financial firms to register publicly with the Bureau is unprecedented--no other industry is required to make public such detailed contract information. The days of Congress giving Director Chopra a free pass for his reckless actions have come to an end. Committee Republicans will finally ensure Director Chopra and the CFPB are held accountable."


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