Banking

CFPB’s Chopra on late costs, Big Tech and a looming Supreme Court case

Rohit Chopra, the director of the Consumer Financial Protection Bureau, has actually acquired big charges versus huge banks and has his sights set on big innovation business. Despite the looming risk of a Supreme Court case that might lead to the CFPB’s financing considered unconstitutional, Chopra is positive about modifications ahead that he believes will offer more defense to customers.

The Consumer Financial Protection Bureau commemorates its 12th anniversary on Friday, triggering Chopra to go over the firm’s work consisting of a questionable proposition to set charge card late costs at $8.

In an extensive interview with American Banker, Chopra talked about why banks are getting extra supervisory analysis for examining several costs when customers overdraw their savings account. He likewise talks about the bureau’s prepare for open banking that would assist customers more quickly change banks, and how the CFPB prepares to produce a more equal opportunity in the fast-changing world of real-time payments. 

Here are 5 of the most impactful insights from the interview, which you can check out completely here:

Gabriel

A news media journalist always on the go, I've been published in major publications including VICE, The Atlantic, and TIME.

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