CFPB’s Chopra grilled on bureau’s regulatory approach

by NAFCU Newsroom

CFPB Director Rohit Chopra appeared before the House Financial Services Committee Wednesday and will appear before the Senate Banking Committee today to deliver the bureau’s semi-annual report to Congress.

During Wednesday’s hearing, Chopra was questioned on the bureau’s rules to implement Sections 1071 and 1033 of the Dodd-Frank Act. Additionally, representatives questioned Chopra on the bureau’s proposed rule related to limit credit card late fees, with many agreeing on the need for a proper definition of the term “junk fees.”

NAFCU has been vocal about recent proposed regulation, information collection activities, and guidance from the bureau, including its heightened war against “junk fees” and efforts to encourage financial institutions to reduce or remove overdraft fees.

NAFCU President and CEO Dan Berger and CUNA President and CEO Jim Nussle wrote to both the House Financial Services Committee and Senate Banking Committee this week to offer support for the committee’s oversight of the bureau and outline several key areas of concern with CFPB policies that impact the credit union industry.

 

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