ACA Prepares for Continued CFPB Engagement as Rohit Chopra Testifies in Congress


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In a letter to the House Financial Services Committee, ACA International expresses need for CFPB collaboration with all stakeholders to address compliance complexities in Reg F.

10/26/2021 14:00

New Consumer Financial Protection Bureau Director Rohit Chopra will testify in two congressional hearings this week and ACA International stands ready to engage with the new leadership.

ACA submitted a letter to House Financial Services Committee Chairwoman Maxine Waters, D-Calif., and Ranking Member Patrick McHenry, R-N.C., before the committee’s Oct. 27 hearing, “Bringing Consumer Protection Back: A Semiannual Review of the Consumer Financial Protection Bureau.”

“ACA members work with consumers to help them deal with their unique financial situation to address it and improve it. ACA supports the mission of the CFPB to ensure that markets for consumer financial products and services work in a fair, transparent, and competitive manner,” ACA CEO Mark Neeb said in the letter.

As Chopra begins his work leading the bureau, ACA urges the bureau to seek feedback from all stakeholders and plans to continue engagement with the CFPB to resolve unintended compliance complexities associated with Reg F.

ACA also remains eager to work with the CFPB to refine the Consumer Complaint Database to ensure it is focused on truly improper activity by regulated entities and is committed to showing the bureau the impact of regulation by enforcement rather than providing compliance clarifications through supervisory guidance.

“We submit that in fulfilling its statutory mission and obligations, the bureau should engage in fair, clear, and transparent rulemaking activity,” Neeb said. “It should not engage in rulemaking by enforcement. ACA members are eager to continue working with the bureau to showcase their commitment to compliance standards and welcome open dialogue with the bureau on the best way to achieve these mutually-desired results.”

ACA also submitted a letter to Chopra when he was confirmed as CFPB director by the U.S. Senate, ACA previously reported.

“ACA has served as a resource to the CFPB and has enjoyed collaborating on financial literacy projects as well as other direct outreach initiatives to improve consumer outcomes,” Neeb said. “ACA is eager to regularly meet with Chopra and the CFPB's leadership to provide perspective, feedback, and data, all of which will benefit consumers, creditors, and the ARM industry.”

Following Wednesday’s House testimony, Chopra will appear before the Senate Committee on Banking, Housing and Urban Affairs for the hearing, “New Era for Consumer Protection: The Consumer Financial Protection Bureau’s Semi-Annual Report to Congress.”

ACA will provide coverage of these hearings in ACA Daily. Subscribe here.

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