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.
By a slim margin, the Senate on Thursday confirmed Rohit Chopra as director of the Consumer Financial Protection Bureau.
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.
The acting director of the Consumer Financial Protection Bureau and a key Republican senator clashed Thursday over whether agency officials are overstepping the agency’s authority even before it has a permanent leader.
Having survived the Trump Administration, the Consumer Financial Protection Bureau should reassert its authority and issue tough rules on payday lending, overdraft fees and debt collection, U.S. PIRG, a public interest and consumer group, said in a new report.
The National Credit Union Administration is an above-average place to work, but the Consumer Financial Protection Bureau ranks far lower, according to the annual “Best Places to Work in the Federal Government” survey conducted by the Partnership for Public Service.
President Biden last week announced his intention to nominate Acting Consumer Financial Protection Bureau Director Dave Uejio to a key position at the Department of Housing and Urban Development.
If confirmed by the Senate, Uejio would become HUD’s assistant secretary for fair housing and equal opportunity.
The ranking Republican on the Senate Banking Committee is asking for an investigation into allegations that the Biden Administration’s Consumer Financial Protection Bureau is pushing out top career-level civil servants in an effort to fill the positions with the people who agree with the agency’s new leadership.
Appearing to confirm the suspicions of Democratic critics, the Government Accountability Office reported Monday that the Trump Administration haphazardly reorganized the consumer bureau’s fair lending office, resulting in confusion at the agency and a drop in enforcement actions.
In a scathing report, the Government Accountability Office said the Consumer Financial Protection Bureau, under then Acting Director Mick Mulvaney and then former Director Kathleen Kraninger, failed to produce any documentation to justify transferring the agency’s Office of Fair Lending and Equal Opportunity to another branch in the director’s office.