The lengthy House Financial Services Committee hearing ranged in scope from the CFPB’s approach to rulemaking under past and current leadership, ‘regulation by press release,’ medical debt and credit reporting actions, student loans, and the bureau’s supervisory and enforcement authority. Editor’s note: This article is available for members only.
04/27/2022 6:15 P.M.
10 minute read
Key Takeaways
- ACA submitted a letter to the committee for the hearing outlining its concerns with the CFPB’s actions in recent weeks and rhetoric toward the ARM industry on behalf of members.
- The bureau’s approach to cost-benefit analysis and “regulation by press release” were common themes in the hearing.
- Lack of accountability within the bureau’s Consumer Complaint Database was also discussed.
Consumer Financial Protection Bureau Director Rohit Chopra returned to
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