Newsroom

Statement of CFPB Director Rohit Chopra on developments regarding large asset manager ownership of banks.

Director Chopra presented a discussion draft of a new FDIC policy on Bank Capital Distributions During Unusual and Exigent Circumstances at the December 2024 meeting of the FDIC Board of Directors.

Director Chopra presented a discussion draft of a new FDIC policy on the Annunzio-Wylie Anti-Money Laundering Act of 1992 at the December 2024 meeting of the FDIC Board of Directors.

Director Chopra submitted this statement for the record in connection with a closed meeting of the FDIC Board of Directors held on November 12, 2024.

The CFPB can enforce the new Click-to-Cancel Rule, which will further enable the CFPB to protect consumers from being tricked into paying for products or services they do not want or need.

Today, the CFPB published a report finding that state consumer privacy laws typically exempt entities covered by federal financial privacy laws.

CFPB Director Chopra issued a statement regarding DOJ’s lawsuit against Visa for illegally blocking competition in the debit card market.

Over the past decade, we have seen a significant incursion into consumer deposit taking and payments activities by companies that aren’t banks or credit unions. These firms want the public benefits of being a bank or credit union, without the public obligations.

Today, the FDIC Board of Directors is voting to finalize its policy statement on bank mergers.

Consumer Financial Protection Bureau Director (CFPB) Director Rohit Chopra issued a statement following a U.S. Department of Transportation inquiry into airline rewards programs.

When a Wall Street bank repeatedly violates the law, the banking agencies impose a fine that typically constitutes a small fraction of the firm's annual profits.

There’s no question that our economy and society rely on banks just like we rely on our power grid and our transportation network. Congress put in place guardrails to ensure the ownership and control of this critical infrastructure promotes resiliency and is free of conflicts of interest.

Industrial banks require special attention from the FDIC Board of Directors given the unique risks they pose.

Regulatory amnesia consistently afflicts the banking agencies. Today, the FDIC Board of Directors is cleaning up the unwise and unlawful mistakes the agency made in 2020 related to a risky type of deposit funding.

The United States recently renewed its special ties with the Federated States of Micronesia, the Republic of the Marshall Islands, and Republic of Palau, collectively the Freely Associated States.

CFPB Director Rohit Chopra issued a statement on megabank living wills

CFPB Director Rohit Chopra issued a statement on the Final Rule to Avoid Costly Megamergers.

Since the creation of the CFPB, the agency has returned $20.7 billion to consumers through law enforcement activity and created unquantifiable returns for the over 205 million Americans harmed by the illegal practices that we have stopped.

Since the creation of the CFPB, the agency has returned $20.7 billion to consumers through law enforcement activity and created unquantifiable returns for the over 205 million Americans harmed by the illegal practices that we have stopped.

CFPB Director Rohit Chopra issued a statement on the Financial Stability Oversight Council’s Nonbank Mortgage Company Report

CFPB Director Rohit Chopra issued a statement on the proposed rules regarding Wall Street compensation and bonuses.

CFPB Director Rohit Chopra issued a statement on the “captive consumer” model of health savings accounts (HSAs).

As Americans suddenly realized they could not withdraw their funds from Sam Bankman-Fried’s FTX in November 2022, they wondered whether they would ever get their money back. In FTX’s bankruptcy filing was an unusual item: a deposit account held by FTX worth roughly $50 million at Farmington State Bank.

General Counsel of the CFPB Seth Frotman provided a statement regarding the National Consumer Law Center / National Association of Consumer Advocates Spring training.

On July 17, 2023, Rohit Chopra, Director of the United States Consumer Financial Protection Bureau, and Didier Reynders, Commissioner for Justice and Consumer Protection of the European Commission, announced the start of an informal dialogue between the European Commission and the CFPB on a range of critical consumer financial protection issues.