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Consumer Financial Protection Bureau Director Rohit Chopra provided his semi-annual report to the House Financial Services Committee. Highlights:
When asked whether credit unions should be subject to CRA-like requirements in light of Navy Federal Credit Union’s allegations of fair lending violations, Chopra said the current CRA exemption provides the credit union industry a competitive advantage which needs to be re-examined due to their public subsidy. He supports state-led and federal efforts to apply CRA to state-chartered non-banks and credit unions.
Lawmakers pushed back against the CFPB’s funding structure and called for the CFPB to be subject to the appropriations process.
Additionally, lawmakers raised concern about CFPB’s aggressive rulemaking agenda, particularly proposals to limit overdraft and credit card late fees, which would limit access and raise the cost of credit.
Chopra highlighted trigger leads as one of the top concerns he hears from mortgage lenders and indicated he supports the goals of ICBA-endorsed H.R. 7297/S.3502, the Homebuyers Privacy Protection Act, which would limit mortgage trigger lead solicitations exclusively to customers who provide their consent or lenders that have an existing relationship to the applicant.