CFPB Director Delivers Semi-Annual Report to Congress

This week, CFPB Director Rohit Chopra testified on the recent actions and expected future rulemakings of the CFPB before the Senate Banking Committee (SBC) and House Financial Services Committee (HFSC). Vocal support during the hearing for the Fifth Circuit Court’s ruling that the CFPB’s funding structure is unconstitutional was split along party lines. Chopra was pressed on the CFPB’s recent data breach and the agency’s proposal to limit credit card fees which continues to face scrutiny from Republicans. Additionally, Chopra addressed questions regarding the announcement on June 12 to introduce open banking regulation. The rule, expected to be finalized in 2024, will give consumers control over their personal financial information and how that data is shared with financial institutions. Read More.