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The government’s promise that insured deposits will be protected from loss in the event of a bank failure has been the backbone of banking system stability for 90 years. The Federal Deposit Insurance Corporation’s stewardship of the Deposit Insurance Fund is vital to keeping that promise and maintaining the public’s confidence.

In March 2023, the failures of Silicon Valley Bank and Signature Bank threatened to create cascading stress throughout the banking system and inflict serious damage on the economy.

Force-placed insurance was a noteworthy facet of the foreclosure crisis in 2007-2008, and remains a continuing risk for homeowners. The CFPB is responsible for enforcing mortgage servicing rules related to force-placed insurance.

The CFPB took action against Citi, one of the globe’s largest banks, for intentionally and systematically discriminating against Americans of Armenian descent.

The CFPB notes that there are a few things that routinely come up, especially related to ensuring that startups and new businesses can emerge, bring their services to market, and challenge incumbents.

The economic and psychological damage inflicted by a crisis can linger for many years, and most people will not receive the type of extraordinary government assistance that large financial firms tend to receive.

One of the biggest challenges that banks face today is recruiting and retaining qualified employees.

Private industry and governments around the world are preparing for how climate change will erode, degrade, or otherwise threaten our economic infrastructure.

The final rule should help increase investment and lending in historically excluded communities, including rural communities.

Director Chopra discussed the CFPB’s proposed rule to activate a dormant authority under a 2010 law to accelerate much-needed competition and decentralization in banking and consumer finance by making it easier to switch to a new provider.

Across the country, Americans are working hard to create and provide products sold here at home and around the world.

Over roughly a decade, digital payments, mostly conducted through mobile devices, rapidly became ubiquitous in China.

Today, the CFPB issued its annual report on Home Mortgage Disclosure Act data.

The Consumer Financial Protection Bureau is launching a rulemaking to block medical debt collectors from weaponizing the credit reporting system to coerce patients into paying bills they may not even owe.

Last month, the FDIC Board of Directors voted to propose a rule that would reduce the risk of bailouts and financial crises stemming from large bank failures.

The United States has a long history of recognizing the sanctity of protecting against unwanted intrusions into our homes and our lives.

This weekend, 118 million Americans could be living somewhere with a heat index above 100 degrees.

Statement of CFPB Director Rohit Chopra, Member, FDIC Board of Directors, Regarding the Proposal to Strengthen the Resilience of America’s Largest Banks.

Prepared remarks of CFPB Director Rohit Chopra on the proposed restoration of the FSOC’s authority to prevent shadow bank bailouts.

CFPB Director Chopra’s statement on digital mortgage comparison-shopping platforms.

Director Chopra delivered prepared remarks on a press call hosted by the White House.

CFPB Director Chopra’s statement on the proposed registry of contract terms used by supervised nonbank financial companies to prevent negative reviews or to limit consumers’ legal rights and protections.

CFPB Director Chopra’s statement on FSOC’s 2022 Annual Report.

CFPB Director Chopra’s statement on the living wills submitted by certain large foreign banks.

Today, the FDIC Board of Directors is voting to propose enhancements to its rules relating to FDIC sign and advertising requirements, as well as misrepresentations related to deposit insurance. I support these proposals.