Recidivist Witness Tackles Repeat Offenders

Later this week, CFPB Director Chopra will appear at what are sure to be acrimonious sessions before the House Financial Services and Senate Banking Committees.  Laying some pipe ahead of time, Mr. Chopra joined New York’s AG in taking action against another firm he characterized as a “repeat offender,” tracking rhetoric in a prior “repeat-offender” suit but not – at least so far – trying to drive these firms out of business.  We expect this repeat-offender initiative to be one focus of Mr. Chopra’s testimony and perhaps also a topic on which Chairwoman Waters (D-CA) will engage to highlight her longstanding effort to punish non-compliant “megabanks” (see FSM Report GSIB11).  These hearings will, though, witness far more than a few more notches on Mr. Chopra’s belt.  The hearing thus will focus on hot-button issues such as student lending, medical debt, and the employer practices highlighted in Member posts late last week.

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