House Financial Services Committee Republicans are warning new Consumer Financial Protection Bureau Director Rohit Chopra that he had better not return the agency to the days of “regulation by enforcement.”
As Rohit Chopra takes the helm of the Consumer Financial Protection Bureau, Credit Union National Association President/CEO Jim Nussle is calling on the new director to use his authority to exempt credit unions from rules that are designed for businesses that take advantage of consumers.
Contending that banking regulators have rubber-stamped thousands of mergers, two Democratic lawmakers have introduced legislation that would require a more thorough review of such deals.
The bill, introduced in the Senate by Sen. Elizabeth Warren, D-Mass. and in the House by Rep. Jesús “Chuy” García, D-Ill., does not include credit union deals in the list of mergers they believe should be more closely reviewed.
By a slim margin, the Senate on Thursday confirmed Rohit Chopra as director of the Consumer Financial Protection Bureau.
Rohit Chopra came one step closer to being confirmed as Consumer Financial Protection Bureau director Tuesday evening.
The Senate voted 49-48 on a party-line vote to discharge Chopra’s nomination from the Senate Banking Committee. The vote was necessary because the Banking Committee earlier this year deadlocked 12-12 on the nomination.
The Consumer Financial Protection Bureau will begin enforcing the payments section of its payday loan rule on June 13, 2022, agency Acting Director Dave Uejio said Tuesday.
Consumer advocates are praising the Consumer Financial Protection Bureau’s proposed rule that would require financial institutions, including credit unions, to report demographic information about their small business lending.
The Consumer Financial Protection Bureau on Wednesday proposed requiring financial institutions, including credit unions, to report information about their small business lending, in an attempt to root out discriminatory practices.
Consumer advocates are asking a federal judge to prohibit the Consumer Financial Protection Bureau from using any of the recommendations of a controversial consumer law task force.
Credit union trade groups once again are pushing a bill that would convert the Consumer Financial Protection Bureau into a five-member commission—a measure that has slim chances of being enacted in a Democratic-controlled Congress. The National Association of Federally-Insured Credit Unions and the Credit Union National Association joined banking trade groups and a group representing the payday lending industry in endorsing H.R. 4773, which was introduced by Rep. Blaine Luetkemeyer, R-Mo., the ranking Republican on the House Financial Services Committee’s Consumer Protection and Financial Institutions Subcommittee. The legislation has long been a Republican talking point. However, House Financial Services Chairwoman