What To Expect From Director Rohit Chopra s CFPB - Consumer Protection mondaq.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from mondaq.com Daily Mail and Mail on Sunday newspapers.
By Aaron Nicodemus2021-03-15T20:56:00+00:00
The Consumer Financial Protection Bureau (CFPB) last week reversed a Trump administration policy on how it assesses and punishes abusive practices in the financial services industry.
“Going forward, the CFPB intends to exercise its supervisory and enforcement authority consistent with the full scope of its statutory authority under the Dodd-Frank Act as established by Congress,” the agency said in a press release Thursday.
The announcement rescinds a January 2020 policy statement on the abusiveness standard issued by former CFPB Director Kathy Kraninger. In that statement, Kraninger said “uncertainty remains as to the scope and meaning of abusiveness” as defined in Dodd-Frank, and that applying the abusiveness standard in supervisory or enforcement actions “may impede or deter the provision of otherwise lawful financial products or services that could be beneficial to consumers.”
Elections Have Consequences: Biden s CFPB Leadership Rescinds Previous Administration Self-Fencing of Enforcement Authority | Morgan Lewis - All Things FinReg jdsupra.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from jdsupra.com Daily Mail and Mail on Sunday newspapers.
In his confirmation hearing, Rohit Chopra, President Biden’s nominee to head up the Consumer Financial Protection Bureau (CFPB), strongly signaled that things would change under his watch
Biden Selects Rohit Chopra to Lead Consumer Financial Protection Bureau Published on: 19 January 2021 at 12:00 p.m. ET Jan. 19, 2021, noon Jan. 19, 2021, 10:48 a.m. insideARM.com The iA Institute
http://www.insidearm.com/news/00046995-biden-selects-rohit-chopra-lead-consumer-/
In a press release announcing his picks for several key posts in his administration, President-elect Biden selected Rohit Chopra to replace Kathleen Kraninger as the next Director of the Consumer Financial Protection Bureau (CFPB). Chopra, who currently serves as a Commissioner on the Federal Trade Commission (FTC), is no stranger to the CFPB. Prior to his time at the FTC, Chopra served as the CFPB s Assistant Director.