In the second day of congressional testimony last week, Chopra outlined the path ahead in regulation of financial services entities while answering questions about the bureau’s accountability to Congress and plans for monitoring larger firms in its jurisdiction. Editor’s note: This article is available for members only.
11/1/2021 8:30
Consumer Financial Protection Bureau Director Rohit Chopra’s new leadership role and approach to regulation of financial services entities was in the spotlight at the Senate Committee on Banking, Housing and Urban Affairs hearing, “New Era for Consumer Protection: The Consumer Financial Protection Bureau’s Semiannual Report to Congress,” Oct. 28.
In a letter submitted to the Senate committee, ACA International offered the bureau its full support whenever it has questions or concerns about an industry practice.
“To that end, we ask that ACA be afforded an opportunity to weigh in and provide another perspective when debt collection issues arise,” CEO Mark Neeb said in the letter. “If there are bad actors engaging in activities that do harm consumers, ACA is eager to support all efforts to weed out such bad actors. On many occasions ACA has applauded the CFPB when it has used its resources to eliminate criminal actors, posing as participants in the debt collection industry. We will continue to do that.”
As Chopra begins his work leading the bureau, ACA urges the CFPB to seek feedback from all stakeholders and plans to continue engagement to resolve unintended compliance complexities associated with Reg F.
“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,” Neeb said.
Chopra also testified in the Oct. 27 House Financial Services Committee hearing, which focused on the CFPB’s semiannual report and Chopra’s leadership plans, ACA previously reported.
After last week’s hearing, the CFPB announced that Chopra has selected Obama-era Justice Department official Eric Halperin to lead the bureau’s enforcement division and Lorelei Salas, the former commissioner of New York City’s consumer protection agency, to lead supervision, according to a news release.
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House Committee Testimony Provides Glimpse Into Chopra’s CFPB Leadership