Rohit Chopra said his agency 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.
Weeks after a conflict arose between the FDIC chairman and board members, FDIC Chairman Jelena McWilliams has announced her resignation.
The controversy over proposals to review bank merger regulations continues to play out publicly, with Federal Deposit Insurance Corp. Chairman Jelena McWilliams saying that FDIC board members are attempting a “hostile takeover” of the FDIC.
A request seeking public comments about bank mergers that one government agency said had been approved by the Federal Deposit Insurance Corp. has come under dispute after the FDIC said the request had not been approved.
The bureau has a new director who is likely to embrace an aggressive “watchdog” role, similar to how the agency operated under former President Barack Obama.
President-elect Joe Biden has chosen Rohit Chopra to be the director of the Consumer Financial Protection Bureau, tapping a progressive ally of Sen. Elizabeth Warren to helm the agency whose creation she championed.