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House Financial Services Committee Considers CFPB Consumer Protection Progress Report

In a testimony before the House Financial Services Committee ("FSC"), CFPB Director Rohit Chopra reviewed progress to date on the agency's consumer protection agenda.

As in his recent testimony before the Senate Banking Committee, (see prior coverage) Mr. Chopra expounded on the agency's Fall 2021 Semi-Annual Report.

FSC Chair Maxine Waters (D-CA) touted Mr. Chopra's efforts, stating, "Under your leadership, I'm pleased that the CFPB is finally back on track." She commended the agency's efforts to: (i) "crack down on large financial firms that repeatedly break the law and harm individual consumers and working families (in particular, on the CFPB lawsuits filed against TransUnion and MoneyGram); (ii) "put an end to discrimination and ensure fairness in small business and consumer lending" (including proposing regulations that require lenders to collect demographic data on credit applications from small businesses); (iii) "coordinate with the Administration to ensure struggling homeowners can access the $10 billion myself and members of this Committee secured in the American Rescue Plan;" (iv) "examine the “junk fees” that financial institutions charge consumers"; and (v) "prevent low-income consumers and consumers of color from being discriminated against by the redlining practices or algorithmic bias that may be present at some tech firms."

Before the hearing, FSC Majority Staff released a Memorandum listing current consumer protection bills under FSC consideration, including:

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