CFPB Chopra Testifies Before SBC and HFSC

On June 12, Rohit Chopra, Director of the Consumer Financial Protection Bureau (CFPB) delivered his semiannual report to the Senate Banking Committee (SBC), followed by the House Financial Services Committee (HFSC) on June 13. Democrats expressed support for the Supreme Court’s ruling that upholds the CFPB’s funding structure and the Director’s rulemakings on removing medical debt from credit reports, reducing credit card late fees, enhancing nonbank supervision, and the recent regulation on Buy Now, Pay Later. Republicans were generally critical of most of these proposals and raised additional concerns about data privacy and the Bureau’s focus on junk fees in mortgage closing costs.

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