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Consumer Financial Protection Bureau Director Rohit Chopra described the CFPB’s focus on financial data, medical debt, and credit cards during his semi-annual report to the Senate Banking Committee.
Senate Hearing: During the hearing, Chopra:
Touted this week’s CFPB proposal to remove medical debts from credit scores.
Said the agency is focused on the credit card market, including credit card late fees and rewards programs, especially from large banks.
Said the CFPB needs to look at all actors in the financial system, not just banks and credit unions, to ensure consumer protection is even.
1071 Rule: Sen. Katie Britt (R-Ala.) expressed concerns about the cost burden that the bureau’s 1071 small-business data collection and reporting rule will have on community banks, citing the CFPB’s prior estimates of upfront costs, and asked Chopra to commit to ensuring an updated and accurate cost analysis so that community banks can plan for these costs. Chopra said he is working with third parties including core providers and giving community banks more time to comply.
House Hearing: Chopra is scheduled to return to Capitol Hill today to appear before the House Financial Services Committee.