CFPB Director Rohit Chopra will testify before House and Senate committees following a busy week of regulatory activity from the bureau and landmark Supreme Court decision that its funding structure is constitutional.
06/07/2024 3:35 P.M.
1.5 minute read
After a slew of regulatory activity from the Consumer Financial Protection Bureau, Congress will hear the bureau’s latest semiannual report (PDF) in two upcoming hearings.
The Senate Banking Committee on Banking, Housing and Urban Affairs will convene its hearing first at 9:45 a.m. ET June 12, and the House Financial Services Committee will hold its hearing at 9 a.m. ET June 13.
During the hearings, held each year in June and November or December, CFPB Director Rohit Chopra presents a summary of the report and members of Congress ask questions about the bureau’s priorities and actions.
The report (PDF) was published on the bureau’s website June 4 and highlights activities between April 1 and Sept. 30, 2023.
Several activities in the report were finalized in advance of the hearings, including a rule to create a registry of nonbank entities with enforcement actions or court orders and guidance on financial services arbitration agreements, while a final rule on that is pending.
Still to come from the report highlights, closely watched by ACA International and the accounts receivable management industry, is the Notice of Proposed Rulemaking from the bureau’s outline of proposals on the Fair Credit Reporting Act.
ACA will follow the hearings, which often provide a glimpse into issues Congress is tracking related to the CFPB and the bureau’s focuses for the remainder of the year. ACA will also send a letter to both committees outlining concerns with the CFPB for Congress to consider.
The outcome of the U.S. Supreme Court’s decision on the CFPB’s funding structure, the bureau’s regulatory approach, ability to protect consumers, legal challenges, and oversight are possible topics for discussion between both committees.
Access the Senate committee hearing here and the House committee hearing here and look for updates from ACA in ACA Daily.
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