This Wednesday, December 14, CFPB Director Rohit Chopra is scheduled to appear before the House Financial Services Committee for a hearing, “Consumers First: Semi-Annual Report of the Consumer Financial Protection Bureau.” A copy of the Committee Memorandum is available here.
This Thursday, December 15, Director Chopra is scheduled to appear before the Senate Banking Committee for a hearing, “The Consumer Financial Protection Bureau’s Semi-Annual Report to Congress.”
Last week, the CFPB issued its Semi-Annual Report to Congress covering the period beginning October 1, 2021 and ending March 31, 2022. Although the House and Senate hearings this week are officially billed as discussions of the semi-annual report, the scope of lawmakers’ questions to Director Chopra can be expected to include issues not addressed in the report, most notably how the CFPB is responding to the Fifth Circuit panel decision in Community Financial Services Association of America Ltd. v. CFPB. In that decision, the panel held the CFPB’s funding mechanism violates the Appropriations Clause of the U.S. Constitution.