Tagged: rohit chopra

House Committee on Financial Services Hearing Brings CFPB Director Rohit Chopra to the Hill

Rayburn House Office Building Washington DC Capitol Hill

Rohit Chopra, the Director of the Consumer Financial Protection Bureau (CFPB) will visit with the House Committee on Financial Services tomorrow (April 27) for the semi-annual report on the CFPB. Included in the Hearing Memo, among other items, is the topic of “Responding to Emerging… Read More

Fintech: CFPB to Investigate “Non Bank Companies” that “Pose Risks to Consumers”

CFPB Coffee Mugs

The Consumer Financial Protection Bureau (CFPB) says it will “examine” nonbank firms that “pose risks to consumers.” The CFPB states that it is “invoking a largely unused legal provision” to pursue these investigations. While the Bureau states that it will examine these firms it has… Read More

CFPB Aims to Make it Easier to Change the Rules with Public Petitions

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The Consumer Financial Protection Bureau (CFPB) wants to make it easier for consumers to change the rules when it comes to consumer finance via a public petition service. According to a release, as of today members of the public can submit petitions for rulemaking directly… Read More

Lenders Beware: 2022 Could See Increased Enforcement Activity

danger beware no more than three mortals per doom buggy

2022 could see aggressive movement by some federal agencies, an experienced industry hand suggests. Joseph Lynyak III is a partner at the international law firm Dorsey & Whitney and one of the nation’s foremost experts in the country on the Consumer Financial Protection Bureau (CFPB),… Read More

FTC is Concerned About Big Tech and Payments

Lina Khan

The Federal Trade Commission (FTC) has chimed in on the Consumer Financial Protection Bureau’s (CFPB) inquiry into big tech and payments. In a letter dated December 21, 2021, Lina Khan, Chair of the FTC said that big tech providing financial services “demand close scrutiny.” In… Read More

CFPB Touts Lending Halt at LendUp Loans, a Fintech Backed by Google Ventures, QED Investors and More

stop Halt

The Consumer Financial Protection Bureau (CFPB) has halted the lending at LendUp Loans, according to a statement by the regulator. Currently, its website states that the company has made a business decision to cease lending and is no longer servicing loans. According to the CFPB,… Read More

Senate Democrats Tell CFPB to “Take Action” Regarding BNPL

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Buy now, pay later, services may be receiving more scrutiny if several Senate Democrats have their way. Yesterday, Senators Jack Reed, Sherrod Brown, Elizabeth Warren, Chris Van Hollen, Tina Smith, and Jon Ossoff, sent a letter to the Consumer Financial Protection Bureau (CFPB) urging Director… Read More

CFPB Orders Apple, Google, Amazon, Facebook, Square and PayPal to Hand Over Payments Info

CFPB Coffee Mugs

The Consumer Financial Protection Bureau (CFPB) has demanded that big tech, including Fintechs, to hand over information on payments. As everyone knows, payments have gone digital as cash usage declines. While many transactions have migrated to plastic debit and credit cards, today cards are virtual… Read More

Financial Technology Association Issues Statement on Confirmation of CFPB Director Rohit Chopra

US Capitol Washington DC

This week, Rohit Chopra was confirmed as the next Director of the Consumer Financial Protection Bureau (CFPB). The CFPB is a relatively new financial regulator created as part of the Dodd-Frank legislation that emerged following the great recession. The mission of the CFPB is to… Read More

Gensler’s and Chopra’s Nominations to SEC and CFPB Move to Full Senate for Vote

US Capitol Washington DC

Last week, the Senate Banking Committee voted to 14-10 to move forward with Gary Gensler’s nomination as the Chairman of the Securities and Exchange Commission. On the same day, the vote was taken on Rohit Chopra and his nomination as Director of the Consumer Financial… Read More

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