Axios: The small agency that’s threatening Big Tech

November 3, 2021 Media

Since Rohit Chopra won confirmation a month ago as director of the Consumer Financial Protection Bureau (CFPB), which enforces federal consumer financial laws, he’s already begun to flex the agency’s regulatory powers in the tech realm.

Why it matters: One of Washington’s most ardent Big Tech opponents is now empowered to investigate companies’ inner business workings, write new rules and issue fines.

The big picture: As a Democratic commissioner at the Federal Trade Commission, Chopra frequently challenged large tech companies. Now, as CFPB director, Chopra has the independence and power to go after companies for alleged bad behavior in the financial space as he sees fit.

What they’re saying: “For years, as companies grew to be dominant, regulators did not exhibit curiosity,” said Sarah Miller, executive director of the American Economic Liberties Project. “There is a major cultural change, and this order exemplifies that.”