Press Releases

Chopra Commits to Provide Financial Services Committee Legal Documents; Contradicts Statements Made to Senate Banking Committee

WASHINGTON, D.C. – Today while being questioned by Congressman Blaine Luetkemeyer (MO-03), Ranking Member on the Consumer Protection & Financial Institutions Subcommittee in the House Financial Services Committee, Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra committed to providing the Committee with internal legal documents related to his hostile takeover of the Federal Deposit Insurance Corporation (FDIC). Chopra had previously refused to share the documents with the Committee but leaked them to the press. Chopra went on to contradict statements he made Tuesday in front of the Senate Banking Committee regarding the Office of the Comptroller of the Currency’s (OCC) role in the matter.

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On the CFPB’s continued disregard for the rule of law, blatant overreach and lack of oversight:

Luetkemeyer: Director Chopra, an American Banker article dated December 10, 2021, and titled, “Dust-up at FDIC portends bigger fight over bank regulation” describes an 8-page “internal CFPB memo” containing “detailed legal analysis” of the “legal authority of the FDIC.” The problem is, this legal analysis is exempt from disclosure under FOIA, meaning that the CFPB’s own confidentiality rules prohibit its release. In fact, the only way it can be lawfully released under the CFPB’s own rules is with your personal, written authorization. Mr. Director, did you personally authorize the release of this memo to reporters?

Chopra: Yes…

Luetkemeyer: If you’re willing to release internal legal analysis for political and press purposes, then it is not as you have described in responses to this Committee, “protected by the deliberative-process and attorney-client privileges.” Furthermore, if it can be released – because we’ve asked you about this before and we haven’t gotten that information. But suddenly you’re able to release it to the press but not to us. I’m very concerned about that.