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CFPB's Chopra Stresses Need To 'Eradicate,' Not Just Educate

By Jon Hill (August 4, 2022, 9:37 PM EDT) -- Consumer Financial Protection Bureau Director Rohit Chopra made a case Thursday for prioritizing enforcement over education to prevent consumers from being taken advantage of, saying financial literacy efforts may even do more harm than good in some cases.

Speaking at a Philadelphia Federal Reserve Bank-sponsored fintech conference, Chopra said that while he sees value in teaching consumers to spot risks and find trustworthy advice, financial products can nevertheless often be "very challenging to understand."

"Disclosures are not going to be what's fixing it," Chopra said. "What is often going to fix it is to eradicate unlawful actors who really prey on...

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