Senate Democrats, Even Republicans Press Bigtech Consumer Protection
Senate Banking’s hearing with CFPB Director Chopra today largely rehashed the issues raised yesterday in HFSC (see Client Report CONSUMER37).
Buffers, NBFI Resilience, GSIB Resolution Remain Top FSB Priorities
The FSB’s final report today on pandemic lessons largely reiterates what it has been saying since the pandemic started.
Chopra Reorienting CFPB’s Focus to Competition, Tech, Large Institutions
As anticipated, HFSC’s hearing today with CFPB Director Chopra skidded over a wide range of policy issues. Chairwoman Waters (D-CA) again lauded Mr. Chopra, urging him to prioritize foreclosure protection, consumer-data ownership, fair lending, and bigtech. In unsurprisingly sharp contrast, Ranking Member McHenry (R-NC) castigated the agency’s design, leadership, and agenda. However, the hearing was generally non-confrontational even though Director Chopra announced several significant policy initiatives. These include prioritizing enforcement actions for the largest providers and taking a hard look not only at competitiveness when it comes to bigtech, but also in other arenas. Although he did not indicate any specific initiatives, Mr. Chopra argued that retail-finance interest rates do not appear competitive; if this question is pursued, the Bureau could intervene across an array of disclosure, M&A, and product arenas.
…
BIS Official Presses Climate Risk Go-Slow
In remarks today, Fernando Restoy, head of the BIS’s Financial Stability Institute, reinforced the complexities climate risk presents for financial regulation emphasized also in last night’s FSOC report (see Client Report GREEN11).
Agencies Announce Anti-Redlining Priorities, Target Nonbank Lenders
In concert with a landmark anti-redlining enforcement action, the Department of Justice today announced a new anti-redlining initiative. This will not only prioritize cases such as the one settled with Trustmark National Bank, but also pursue redlining at nonbank mortgage lenders.
Senior Republicans Slam Postal-Banking Pilot, Postmaster General
HFSC Ranking Member McHenry (R-NC) and Oversight Ranking Member Comer (R-KY) today blasted USPS’s postal banking pilot, accusing the Postal Service of implementing the pilot “in secret” and without Congressional notification.