Last week, Congress returned from the Thanksgiving holiday recess and CFPB Director Rohit Chopra testified before the House Financial Services and Senate Banking Committees. While most of the conversation centered around supporting or arguing against the constitutionality of the Bureau, there were plenty of moments when AFSA’s advocacy efforts broke through.
Below are key moments and relevant exchanges when Rohit Chopra testified:
- Tim Scott (R-SC) voiced his concerns about the direction of the CFPB under Director Chopra’s leadership and how the CFPB’s actions don’t match up with its mandate. Watch Clip.
- Bill Huizenga (R-MI) asked the Director about recent enforcement action against a consumer finance company and why following state laws is considered “abusive” at the CFPB. For additional information about this situation, click here to view an AFSA-led letter to the CFPB signed by Rep. Huizenga. Watch Clip.
- Brad Sherman (D-CA) questioned the Director on how debt settlement companies market themselves as a debt relief service while encouraging consumers to engage in risky financial decisions. Watch Clip.
- Blaine Luetkemeyer (R-MO) criticized the Director for the Bureau’s regulatory overreach against the financial services industry, including operating expenses and interest rate caps on credit products. Watch Clip.
- Wiley Nickel (D-NC) discussed his intention to introduce bipartisan legislation to curtail credit repair scams from taking advantage of financially distressed consumers, which also continue to burden lenders’ compliance systems. Watch Clip.
- Erin Houchin (R-IN) raised alarms about the Bureau regulating by press release and blog post rather than using the traditional rulemaking process. Watch Clip.
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