The U.S. House Financial Services Committee is holding an Oversight and Investigations Subcommittee hearing to examine the Consumer Financial Protection Bureau’s (CFPB) investigative authority and the effects of what the subcommittee described as a “regulation by enforcement” approach under former Director Rohit Chopra. In prepared opening remarks, Subcommittee Chair Dan Meuser also confirmed he sent a letter to the CFPB’s Acting Inspector General requesting a formal investigation into whether Chopra consistently exceeded the bureau’s statutory authority. The remarks and hearing agenda focus on the CFPB’s use of Civil Investigative Demands (CIDs), described as tools enabling extensive demands for documents, data, and testimony with limited justification or judicial oversight. Meuser argued that CID response costs and reputational damage can be particularly acute for small firms and pointed to the process for petitioning a CID, which he said ultimately depended on director discretion, asserting that Chopra denied 100% of CID petitions he received, compared with six petitions granted during the first Trump Administration.
U.S. Financial Services Committee 2025-06-26
U.S. House Financial Services Committee scrutinises CFPB investigative authority and seeks Inspector General probe into Chopra-era civil investigative demands
The U.S. House Financial Services Committee's Oversight and Investigations Subcommittee is scrutinizing the Consumer Financial Protection Bureau's (CFPB) investigative authority and its "regulation by enforcement" approach under former Director Rohit Chopra. Subcommittee Chair Dan Meuser highlighted concerns over the high costs and reputational risks of Civil Investigative Demands (CIDs) for small firms and criticized Chopra for denying all CID petitions during his tenure.