CFPB’s Chopra Testifies Before SBC and HFSC for a Semi-Annual Report to Congress
On April 26, Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra testified before the Senate Banking Committee for a Semi-Annual Report to Congress. Topics discussed included overdraft fees, the mortgage appraisal process, insurance, private equity, and the 36% interest rate cap. Director Chopra also testified on April 27 before the House Financial Services Committee where he discussed similar topics including the CFPB’s intention to use a dormant authority to supervise nonbanks for risks to consumers. Not surprisingly, at both hearings Republicans described the Director’s regulating of the CFPB as overreaching while Democrats conveyed support for the Bureau’s policy agenda under Chopra’s leadership. Read more.