CFPB Catches a Break
In sharp contrast to most recent HFSC hearings with CFPB Director Chopra, today’s session was relatively calm. Republicans did reiterate their strong aversion to the agency’s structure, funding, and recent initiatives, but Chair McHenry (R-NC) supported much in the Bureau’s open-banking proposal (see FSM Report DATA4) and GOP objections to other actions seemed more out of habit than with any intent to press for change. The exception is the agency’s small-business reporting rule, where action is planned this week for a vote – likely successful – to reverse the agency’s approach. However, President Biden has indicated he will veto it. Refuting recent press reports, Mr. Chopra indicated no new plans to ban overdraft fees.