Former CFPB director says Trump ‘begging for another financial crisis’ by closing agency

Rohit Chopra:

Well, when I took over as director of the CFPB, there was not much oversight over big companies. And in some ways, there was concerns that it was just focused on small-scale actors.

But just take a look in the last few weeks of the last administration. We saw the CFPB sue Capital One, sue Experian, one of the biggest credit reporting conglomerates, get $120 million back from Cash App, one of the biggest payment apps, and the list goes on and on and on.

And I really think defunding this type of oversight is just begging for another financial crisis, and it’s a complete giveaway to many of these big tech companies who increasingly want to become a bank.