CFPB Director Rohit Chopra: Do His Words Speak Louder Than His Actions?

Event Details
May 2022
11:00 AM - 12:00 PM CDT
Register Here

Director Chopra has been in office for about six months and has given many speeches, issued several RFIs, and otherwise has shared his views on a wide variety of consumer finance issues. However, much to the surprise of those in the financial services industry, the Consumer Financial Protection Bureau (CFPB) has only filed a handful of enforcement actions and consent orders, and done very little of a public nature on the regulatory front except for activity related to section 1071 of Dodd-Frank (small business loan).

In this webcast, we will first explore the public enforcement and regulatory actions during Director Chopra’s first six months in office. We will then discuss his public speeches, RFIs, and other activity during this time period. Throughout the webinar, we will provide our views on how companies should respond to Director Chopra’s “words.” We will also share our views about topics, like arbitration, that have not been given any public attention (nether words nor deeds) by Director Chopra:

  • Request for information on “junk fees”
  • Requests to large tech firms regarding payment services
  • Anti-competitive practices of consumer finance markets
  • Focus on fintech, including expanded supervisory jurisdiction
  • Orders seeking information from buy-now-pay-later companies
  • Criticism of overdraft and credit card late fee practices
  • Changes to UDAAP examination procedures to target non-credit discrimination
  • Encouragement of state attorneys general to bring UDAAP claims
  • Examination of “institutional student loans”
  • Intention to use draconian injunctive relief against big banks and non-banks
  • Report on payday lending and continued use of rollovers instead of no-fee extensions

This program is approved for 1.0 CLE credits in CA, NJ, & NY. Uniform Certificates of Attendance will be provided for the purpose of seeking CLE credit in other states. Please note: CLE credit in the following states will not be available: NV and PA.

Please register at least two days before the webinar. Login details will be sent to all approved registrants. For more information, contact questions@ballardspahr.com.


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