Watchdog head: Bad actors should face more than big fines
NEW YORK (AP) — The head of the nation’s financial watchdog is having second thoughts about how useful fines are in deterring illegal behavior in the financial industry, saying some companies have gotten so big that the money makes little difference. In an interview with The Associated Press, Rohit Chopra signaled that the Consumer Financial Protection Bureau plans to deploy an array of tools that could limit the ability of a bank or financial firm to conduct business if they violate the law. In less than a year at the helm of the CFPB, Chopra has moved to turn the agency back into the assertive regulator it was under President Obama. The bureau took far fewer enforcement actions during the Trump administration. Some staff that had left the CFPB under President Trump have returned. The bureau has been adding enforcement staff and has reprioritized issues such fair lending that were set aside during the previous administration. Chopra, in a video interview with The Associated Press, said that the changes at the bureau have been necessary because the financial services industry has been transformed dramatically.
Watchdog head: Bad actors should face more than big fines
NEW YORK (AP) — The head of the nation’s financial watchdog is having second thoughts about how useful fines are in deterring illegal behavior in the financial industry, saying some companies have gotten so big that the money makes little difference. In an interview with The Associated Press, Rohit Chopra signaled that the Consumer Financial Protection Bureau plans to deploy an array of tools that could limit the ability of a bank or financial firm to conduct business if they violate the law. In less than a year at the helm of the CFPB, Chopra has moved to turn the agency back into the assertive regulator it was under President Obama. The bureau took far fewer enforcement actions during the Trump administration. Some staff that had left the CFPB under President Trump have returned. The bureau has been adding enforcement staff and has reprioritized issues such fair lending that were set aside during the previous administration. Chopra, in a video interview with The Associated Press, said that the changes at the bureau have been necessary because the financial services industry has been transformed dramatically.