
Rohit Chopra, the Director of the Consumer Financial Protection Bureau (CFPB), addressed criticisms from technology leaders, including Mark Zuckerberg, regarding the CFPB's role in regulating the financial implications of Big Tech's expansion. Chopra emphasized that the CFPB is not overreaching into social media but is responding to the increasing encroachment of technology firms into the financial system, which he warned could lead to a system akin to China's. The CFPB has also recently filed an amicus brief in the case of Roberts v. Unlock Partnership Solutions AOI, aimed at ensuring compliance with federal law by financial companies. Additionally, the CFPB announced new regulations prohibiting credit reporting agencies from including medical debt on credit reports and restricting lenders from using medical information in their assessments of borrowers. This move was praised by Representative Dwight Evans, who acknowledged the Biden-Harris Administration's efforts in this area.
ICYMI: Thanks to the Biden-Harris Administration & the @CFPB, medical debt will now be removed from credit reports. I applaud the finalization of this rule and urge the next administration to keep it in place. No one should be financially punished for having a medical emergency! https://t.co/vym7LjbdSF
Yesterday, CFPB Director, Rohit Chopra (@chopracfpb), and General Counsel, Seth Frotman (@sethfrotman), published an article in the @HarvardJOL on the Dodd Frank Act’s visionary empowering of state law enforcement. https://t.co/1Q96MAC74v
The CFPB has filed an amicus brief in the case of Arora v. TransUnion to make sure that credit reporting companies are held accountable for junk data. https://t.co/vT1wrQpMtJ