ACA Advocacy: CFPB Director Rohit Chopra’s Approach to Regulations is Taking Away Consumer Choice

CFPB directorIn an article published in American Banker’s Bank Think, ACA CEO Scott Purcell discusses how the CFPB’s refusal to gather appropriate stakeholder input hurts consumers.

08/22/2022 2:30 P.M.

2 minute read

ACA International’s advocacy team continues to engage with regulators and lawmakers on the impact their decisions have on the accounts receivable management (ARM) industry and consumers.

As part of that engagement, ACA also shares its advocacy with the public and media, for example, in a recent article by CEO Scott Purcell published in American Banker, “CFPB Director Rohit Chopra’s Approach to Regulations is Taking Away Consumer Choice.”

Here is an excerpt from the article.

In a recent blog post, Consumer Financial Protection Bureau Director Rohit Chopra reviews how the bureau is “seeking to move away from highly complicated rules that have long been a staple of consumer financial regulation and towards simpler and clearer rules.”

This follows similar announcements from Chopra in congressional testimony that the bureau is “dramatically increasing its issuance of guidance.”

ACA International and its members in the accounts receivable management (ARM) industry believe that consumers and those providing services in the financial services marketplace deserve a seat at the table. Congress enacted various laws outlining how federal agencies, even those independent from the congressional appropriations process, must act when engaging in policymaking. Yet, the CFPB is blatantly ignoring those mandates.

Unresearched advisory opinions and interpretive rules that lack data-driven cost-benefit analysis skirt the required processes, and consumers will be harmed by the blind spots that come with an agency taking this approach.

On top of that, the CFPB’s focus on medical debt credit reporting this year without input from stakeholders in the health care industry will also ultimately harm patients by reducing access to care when providers take steps to mitigate their losses from this move and enrich health insurance companies by allowing them to legitimately deny more claims—all because the CFPB wouldn’t hold discussions with industry stakeholders.

Read the complete article here. (A subscription may be required.)

For more updates on ACA’s advocacy, members can join the ACA Huddle on Wednesdays at 11 a.m. CDT, and visit our Events webpage for webinars

Related Content from ACA International:

ACA at the Forefront of Federal and State Advocacy: Find Out How to Get Involved

If you have executive leadership updates or other member news to share with ACA, contact our communications department at [email protected]. View our publications page for more information and our news submission guidelines here.

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