By Katanga Johnson

WASHINGTON, (Reuters) –The U.S. Consumer Financial Protection Bureau will be focusing on industry competition and scrutinizing Big Tech companies’ dominance in the market place, the bureau’s director said to the Senate Banking Committee on Tuesday.

Rohit Chopra was sworn into office as CFPB director on October 10. He said that he is planning to create opportunities to reduce barriers and increase the number of companies competing to be customers based upon quality, price and service.

Chopra stated that he was particularly interested in how small financial institutions could leverage technology and systems to gain market share, while maintaining their relationship banking model.

A rule about open banking, small business lending and data will also be proposed by him. He promised that it would be released in a “timely manner.” Third-party applications that are internet-based can compete against big banks through open banking. They have access to customer accounts and the ability to pay.

Republican panel members reproached Chopra’s actions in enforcement of repeat offenders, as well as requests for broad information regarding new financial tech firms.

In December, Senate Pat Toomey (the panel’s top Republican) criticized Chopra’s “hostile takeover” of the U.S. Federal Deposit Insurance Corporation, a banking watchdog. The FDIC is a board member. It was in this instance that the new Democratic majority of the board moved to move agenda items, over the objections Jelena McWilliams, its Republican chairman.

Chopra supported the maneuver on Tuesday and caused a public row at regulators that led to McWilliams being forced from his chair.

Chopra stated that although it was very disappointing, the truth was simple.

“I’m disappointed the law wasn’t followed. It is crucial that this doesn’t happen again. The board must ensure that it does.”

Chopra, a veteran consumer advocate who was tapped by Democratic President Joe Biden for the task of cracking down on predatory lending in consumer finance systems — responded to Republican criticisms that using a disparate effect theory to include all financial services “effectively reversed Congress’ legislative decisions.”

Since 2009, when the CFPB was established following the financial crisis of 2009, it has become a political hot rod. Democrats feel that the agency can protect consumers and help Biden address issues of wealth inequality and racial inequity, but Republicans think it is too powerful.

Democrats also questioned Chopra about his competition push, his emphasis on junk fees (credit card late payments and overdrafts) and his attempts to eradicate abuses in loan servicing.

Chopra stated that we must maintain relationship banking while also using technology to improve our service to people. Chopra explained that banking deserts are just one of many problems. He also mentioned appraisals and other issues. We need to figure out how we can make rural areas have small-business credit that allows them to access farm credit as well as consumer credit.