Four the last four years the bureau has been politically kneecapped ….
With Joe Biden’s pick of leadership the agency will moving to take a tough look at problems coming at consumers from business abuses…
But the CFPB — which President Biden has tapped 38-year-old Rohit Chopra to lead — is also likely to take an unprecedentedly tough line against industry giants it finds engaging in abusive practices, former agency officials advising the Biden team say.
“It’s a matter of ramping back up,” said Richard Cordray, the CFPB’s first director, who stepped down in late 2017. The agency under President Donald Trump was “picking at odds and ends. They ramped down, and it’s a matter of changing direction.”
That will mark a dramatic turn. Just last year, consumer complaints to the agency rose by 60 percent over 2019, agency data show, setting a record as the economic crisis wiped out millions of jobs and pushed lower-income Americans to the brink….