CFPB Director Rohit Chopra was accused of partisan regulatory management by Republican lawmakers during recent congressional hearings. But the bureau’s proposed personal financial data rights rule found praise.
The Richmond, VA-based bank has agreed to pay $6.2 million to settle charges that its employees failed to acquire consumers’ affirmative consent before enrolling them in an overdraft protection service.
A petition from consumer advocates called for the CFPB to issue a rulemaking prohibiting the use of forced arbitration agreements in consumer financial services contracts. Industry trade groups said prior Congressional action bars the agency from issuing such a rule.
Banks don’t appear to be doing enough to check the anti-consumer lobbying and litigation efforts of the trade groups that represent them, according to Rise Economy, a California-based nonprofit.
MBA’s advocacy arm tells members to oppose Illinois CRA rule draft; CFPB fines small-dollar lender $15 million for consent order violation; CFPB reverses course on UDAAP examination manual changes.
Section 1033 of the Dodd-Frank Act directed the CFPB to establish financial data-sharing rules. More than 13 years after the DFA was signed into law, the CFPB issued a proposed rule to carry out the 1033 mandate. The rule aims to facilitate open banking.
In an interview with the Mortgage Bankers Association’s president and CEO, CFPB Director Rohit Chopra confirmed that changes to the agency’s mortgage servicing rules would come in 2024.
A Texas district court expanded its injunction against the CFPB’s small-business lending data collection requirements. Meanwhile, the Senate voted to overturn the rule though President Biden threatened a veto.
The Supreme Court’s decision on the CFPB’s funding will decide not just the future of the agency and its regulations but will also hold implications for what kinds of appropriations Congress can author.
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