Senator Scott Statement on CFPB Director Chopra’s Attempted Political Power Grab

WASHINGTON – U.S. Senator Tim Scott (R-S.C.) released the following statement on Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra and Federal Deposit Insurance Corporation (FDIC) Board Member Martin Gruenberg’s attempt to politicize the FDIC by circumventing Chairwoman Jelena McWilliams.

“I am shocked and disappointed by the blatant disregard CFPB Director Chopra and FDIC Board Member Gruenberg have shown for the leadership of FDIC Chairman McWilliams,” said Senator Scott. “Their actions are an affront to the FDIC’s status as an independent financial regulator and deserve rebuke from Republicans and Democrats—including the Biden White House. The decision to hold this illegitimate vote has upended the FDIC’s decades-long commitment to respect and collegiality between board members, regardless of political affiliation, to instead pursue an egregious and possibly illegal political power grab.”