Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra testified before the House Financial Services Committee yesterday. Members of the committee took the opportunity to address concerns over the Bureau’s use of a long dormant power that allows it to examine nonbank companies that it believes pose risks to consumers.
Republicans took control of the House in November’s elections meaning they will also control the Financial Services Committee in the new Congress.
Members of the committee expressed frustration with the Bureau’s current use of bulletins, advisory opinions and interpretative rules.
“You’ve put forth just one ‘real’ rule through notice and comment,” Rep. Patrick McHenry (R-NC), the incoming chair of the committee said. “Meanwhile, you have issued six compliance bulletins, five advisory opinions, five interpretive rules, and just this year, seven circulars.”
Chopra defended the Bureau’s use of guidance noting it is designed to avoid “regulation by enforcement.”
Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra testified before the House Financial Services Committee yesterday. Members of the committee took the opportunity to address concerns over the Bureau’s use of a long dormant… Read the rest
AFSA’s great strength is the depth and breadth of the knowledge and expertise of our members; that expertise that will be on display at the 2023 Vehicle Finance Conference & Expo with our famous CEO Panel.
Our industry leaders … Read the rest
This week, the Consumer Financial Protection Bureau published a proposed rule called Registry of Nonbank Covered Persons Subject to Certain Agency and Court Orders. According to the proposed rule, the Bureau would require covered entities… Read the rest
Join us today at 2:00 p.m. for On Partnerships: The Fast Track To Innovation And Efficiency, sponsored by defiSOLUTIONS.
What can or should vendors do as partners to deliver market-changing technology and innovations? Join long-time industry… Read the rest
In this episode of the AFSA Extra Credit Podcast, Dan chats with Justin Davis, VP of Product Delivery and Frank McKenna, Chief Strategist with Point Predictive about the uptick in fraud as we come out of the pandemic and navigate a turbulent … Read the rest
![](https://afsaonline.org/wp-content/uploads/2022/12/tamny-verrt.png)
Want the skinny and insights on what Congress may do in the coming year in response to an uncertain economic, regulatory and political environment?
Join a panel of one of Washington’s most senior and accomplished Capitol… Read the rest
Earlier this month, AFSA responded to a joint Department of Treasury (Treasury) and Internal Revenue Services (IRS) request for comment and participated in a Treasury roundtable on Clean Vehicles and the “Inflation Reduction Act” (IRA).… Read the rest
![](https://afsaonline.org/wp-content/uploads/2022/12/Lombardi-Image-PBorder.png)
AFSA is pleased to announce three-time NFL Super Bowl champion executive and commentator Michael Lombardi as its keynote speaker for its 2023 Vehicle Finance Conference at the historic Hilton Anatole Hotel in Dallas, sponsored … Read the rest
AFSA opposes the recently introduced Close the Shadow Banking Loophole Act, which targets the ability of industrial loan companies (ILCs) to exist in the financial service marketplace. Led by Senate Banking Committee Chairman Sherrod … Read the rest
Join us on December 8th at 2:00 p.m. for On Partnerships: The Fast Track To Innovation And Efficiency, presented by defiSolutions.
What can or should vendors do as partners to deliver market-changing technology and innovations? Join long-time… Read the rest