Saturday, May 25, 2024

ABA president/CEO calls CFPB “regulator going rogue”

A recent American Banker op-ed by ABA president and CEO Rob Nichols criticized CFPB director Rohit Chopra’s controversial practices that have failed to put consumer interests at the forefront of the bureau’s actions.

In the op-ed, Nichols addressed the way Chopra lumps certain consumer fees and how it has updated its exam manual in a way that elevates decision-making to the director’s office, taking away opportunities for participants to get involved, and shortcutting the regulatory process.

This week, Chopra will testify on Capitol Hill in a series of oversight hearings, where Nichols said members of Congress who created the bureau decades ago will have the opportunity to question him.

Read the full American Banker story here.