All Rohit Chopra articles
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PremiumProposed CFPB rule would attempt to rein in data broker buying, selling
Data brokers have been getting away with selling Americans’ personal and financial data without adequate protections, an illegal practice that a new rule proposed by the Consumer Financial Protection Bureau will intend to stop, CFPB Director Rohit Chopra said.
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News BriefCFPB to require nonbanks to register outside enforcement orders
The Consumer Financial Protection Bureau passed a new rule requiring nonbank financial companies to register consumer protection orders filed against them by other federal agencies, courts, or states.
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News BriefProposed update to FDIC’s Change in Bank Control Act fails to advance
A notice of proposed rulemaking to modify the Federal Deposit Insurance Corporation’s Change in Bank Control Act was withdrawn after receiving mixed reviews among the agency’s board of directors.
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FDIC proposes strengthening, modernizing bank merger reviews
The Federal Deposit Insurance Corporation proposed to strengthen its approach to evaluating bank mergers under the Bank Merger Act, particularly how it would address factors like competition, financial resources, the convenience and needs of communities, financial stability, and money laundering.
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News BriefCFPB exercises power to supervise installment lender World Acceptance
Installment lender World Acceptance Corp. was the subject of the Consumer Financial Protection Bureau’s first use of a dormant legal provision allowing it to establish supervisory authority over more nonbank financial companies.
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News BriefCFPB: Citi to pay $26M over Armenian American discrimination
Citi agreed to pay $25.9 million in fines and redress as part of a settlement with the Consumer Financial Protection Bureau addressing allegations the bank discriminated against credit card applicants identified as Armenian American.
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News BriefCFPB proposes expanded oversight of nonbank companies
The Consumer Financial Protection Bureau is seeking greater authority to supervise the activities of companies that offer services like digital wallets and payment apps on par with how the agency oversees large banks, credit unions, and other financial institutions.
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News BriefCFPB eyes open banking with financial data rights rule proposal
The Consumer Financial Protection Bureau is moving forward its plan to give consumers more control over their personal financial data as part of a new rule proposal.
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PremiumCFPB’s Chopra teases new rules for data brokers at White House roundtable
The Consumer Financial Protection Bureau is moving forward with plans to propose new rules for data brokers that would regulate their personal data gathering activities under the Fair Credit Reporting Act.
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News BriefCFPB: ‘Poorly deployed’ AI chatbots harming banking customer service
The Consumer Financial Protection Bureau flagged risks regarding expanded use of chatbots by financial institutions, specifically for customer service purposes.
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News BriefU.S. authorities reiterate enforcement focus on AI discrimination
Officials at four U.S. agencies warned they are prepared to act against bias or discrimination that involves artificial intelligence.
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ArticleCFPB reaffirms tougher stance with $3.7B Wells Fargo settlement
Wells Fargo will pay a total of $3.7 billion to address “widespread mismanagement” of auto loans, mortgages, and deposit accounts as part of a settlement with the Consumer Financial Protection Bureau.
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ArticleCFPB outlines rule mandating FIs provide customers their data
The Consumer Financial Protection Bureau initiated rulemaking that would require banks and other financial institutions to make a consumer’s personal financial data available to them upon request.
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ArticleU.S. Chamber, bank groups sue CFPB for expanding supervisory remit
A group of banking and business associations sued the Consumer Financial Protection Bureau and Director Rohit Chopra for overstepping their authority when the agency indicated it would begin actively searching for discrimination and disparate impacts during supervisory exams.
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ArticleCFPB targets fintechs with examination policy shift
The Consumer Financial Protection Bureau will begin conducting supervisory examinations on nonbank financial companies the agency believes “pose risks to consumers.”
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ArticleCFPB sues ‘repeat offender’ TransUnion over consent order violations
The Consumer Financial Protection Bureau filed a lawsuit in federal court charging TransUnion, two of its subsidiaries, and one of its longtime executives with violating a 2017 consent order and other consumer financial protection laws.
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FDIC Chair Jelena McWilliams to resign after partisan feud
Jelena McWilliams will resign as chair of the Federal Deposit Insurance Corp. on Feb. 4, following a public clash with Democratic members of the board regarding bank mergers.
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ArticleCFPB picks consumer advocate Eric Halperin to lead enforcement
Newly confirmed CFPB Director Rohit Chopra has chosen Eric Halperin to lead the agency’s Office of Enforcement, as well as announcing the appointment of Lorelei Salas as assistant director for supervision policy.
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ArticleRohit Chopra-led CFPB cracking down early on data, automation
Rohit Chopra has led the Consumer Financial Protection Bureau for less than a month, but one area of examination and enforcement priority is already coming into focus: data.
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ArticleRohit Chopra confirmed as CFPB director; more dominoes to follow?
The Senate confirmed Rohit Chopra to be the next director of the Consumer Financial Protection Bureau with a party-line vote. Lawmakers will soon shift their attention to his replacement at the Federal Trade Commission.