CFPB headquarters. (Source: Shutterstock)
In a 50-48 vote, the Senate approved the nomination of Rohit Chopra as the new director of the CFPB on Thursday, marking an end to a six-month delay of his nomination in the Senate.
After the confirmation vote, credit union trade organizations were swift with their congratulations.
"NAFCU congratulates Rohit Chopra on his confirmation to serve as CFPB director," NAFCU President/CEO Dan Berger said in a statement. "Our credit union members have been at the forefront of helping consumers weather the financial impact of the pandemic. We look forward to working with Director Chopra to ensure that credit unions can continue to assist their members as the economy recovers from the impact of the pandemic."
CUNA President/CEO Jim Nussle said, "We congratulate Mr. Chopra on his confirmation and look forward to engaging with him soon on credit unions' track-record of providing consumer-friendly financial services. We hope under Director Chopra's leadership, credit unions and the CFPB can work together to ensure consumers continue to have safe and affordable access to credit, financial products and services provided by credit unions."
While NAFCU and CUNA support Chopra's confirmation, both organizations support legislation that would replace the single-director of the CFPB with a bipartisan five-member commission.
Chopra's nomination had been stuck in the Senate Banking Committee since his nomination hearing on March 10. Earlier this week the Senate voted along party lines to "discharge" his nomination out of Committee for a vote by the full Senate.
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