chopra

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Having previously worked closely with CFPB Director Chopra while he served as the CFPB’s Acting Director and its first Deputy Director, Mr. Date provides a unique perspective on Mr. Chopra’s views and likely actions as CFPB Director.  We discuss how the CFPB is likely to approach key areas under Mr. Chopra’s leadership, including fair lending and digital redlining, technology/fintech, and mortgage lending and servicing. … Continue Reading

In remarks given on Tuesday to the National Association of State Attorneys General (NAAG), CFPB Director Chopra promoted an aggressive approach to enforcement by both the CFPB and state attorneys general (AGs).

In his most noteworthy remarks, Director Chopra:

  • Identified federal preemption as having played a major role in the 2007-2009 sub-prime mortgage crisis and suggested that the OCC had used preemption “to attack state consumer protection enforcement.” 
… Continue Reading

After reviewing federal regulators’ traditional theory of redlining, we discuss the types of underwriting practices that are likely targeted by Director Chopra’s recent comments expressing concern about “algorithmic redlining,” examine how the use of machine learning (ML) underwriting models incorporating alternative data can be more inclusive than traditional logistic regression models and result in more approvals for protected class members and “credit invisibles,” and offer our thoughts on actions that technology and credit providers should take in response to Director Chopra’s comments when developing and using ML models.… Continue Reading

Last week, in advance of Director Chopra’s appearances before the House Financial Services Committee and the Senate Banking Committee, the CFPB issued its Spring 2021 Semi-Annual Report to Congress covering the period October 1, 2020 through March 31, 2021.

With former Director Kraninger having resigned on January 20, 2021, the report primarily reflects CFPB activity under her leadership.  … Continue Reading

Yesterday, October 12, Rohit Chopra was sworn in as CFPB Director.   Tomorrow, October 14, from 12:00 p.m. to 1:00 p.m. ET, Ballard Spahr will hold a webinar, “Rohit Chopra Confirmed as New CFPB Director: What to Expect Next?”  Click here for more information and to register.

According to media reports, now former Acting Director Dave Uejio will remain at the CFPB pending his confirmation as Assistant Secretary for Fair Housing and Equal Opportunity at HUD. … Continue Reading

By a 50-48 party line vote, the U.S. Senate confirmed Rohit Chopra yesterday as CFPB Director.

Mr. Chopra’s confirmation clears the way for the White House to move forward on President Biden’s nomination of Alvaro Bedoya to fill Mr. Chopra’s seat as FTC Commissioner and on the President’s nomination of Acting CFPB Director Dave Uejio to serve as Assistant Secretary for Fair Housing and Equal Opportunity at the Department of Housing and Urban Development.… Continue Reading

On Tuesday, in a party line vote of 49-48, the Senate voted to advance Rohit Chopra’s nomination to serve as CFPB Director from the Senate Banking Committee to consideration by the full Senate.  (The Committee had voted 12-12, also along party lines, which meant the Senate received Mr. Chopra’s nomination without a recommendation by the Committee.) … Continue Reading

Mr. Hunt shares his perspective on a range of issues, including how Rohit Chopra, CFPB Director-nominee, is likely to approach his new role, the CFPB’s likely approach to innovation and overdraft rulemaking under Mr. Chopra’s leadership, how banks are engaging with data aggregators, the OCC’s role and expectations for a new Comptroller, the status of Community Reinvestment Act rulemaking, and the potential for legislative changes.… Continue Reading

The CFPB has issued its Consumer Response Annual Report, which analyzes the approximately 542,300 complaints received by the CFPB between January 1 and December 31, 2020.  The number of   complaints received in 2020 represents a nearly 54% increase over the approximately 352,400 complaints received in 2019.  The report details the trends in consumer complaints across various categories and provides information about the CFPB’s process for handling complaints.… Continue Reading