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.
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 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.
A credit union may only make loans to members within their field of membership, a restriction likely to skew an institution’s housing discrimination record, trade groups told the Department of Housing and Urban Development this week.
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
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 Consumer Financial Protection Bureau will issue a Notice of Proposed Rulemaking by the end of September on the collection of race, sex, and ethnicity information from credit applications, according to court documents.