Two weeks into the job, Consumer Financial Protection Bureau Director Rohit Chopra laid out his vision and priorities as part of the CFPB’s required semi-annual report to Congress. In his testimony, Chopra made it clear that the CFPB will zero in on wide-scale damages from big businesses.
Amongst other concerns,
- he raised the issue of transparency in how credit decisions are made in our era of big data, automation, and algorithms;
- CFPB will sharpen its enforcement focus on “repeat offenders,” or those companies who operate under consent decrees;
- the agency will carefully monitor conditions in the mortgage market and take steps to minimize avoidable foreclosures; and
- we should expect further scrutiny on Fair Credit Reporting Act (FCRA) issues, especially on how companies are investigating disputes.
But the new era of governance at the CFPB is not the only powerful agency taking on a new direction. Leadership changes at the Federal Trade Commission (as well as at the Federal Reserve, Justice Department, and Office of the Comptroller of the Currency) will bring renewed scrutiny to our industry.
On Nov 10, 2021, join CDIA and speakers Kim Phan, a Partner at Ballard Spahr and Rebecca Kuehn, a Partner at Hudson Cook, as they discuss how these changes will impact the consumer reporting ecosystem. This event will be a live Q&A session moderated by Francis Creighton, CDIA’s President & CEO.