Statement of CFPB Director Rohit Chopra Member, FDIC Board of Directors December Open Meeting of the Board
Today, I am pleased to join my first public meeting as a Member of the Board of Directors of the Federal Deposit Insurance Corporation.
Newsroom
Prepared Remarks of Director Rohit Chopra on the FDIC’s Deposit Insurance Fund Restoration Plan
The economic shock of COVID-19, and the resulting monetary and fiscal support, led to a substantial increase in deposits in our nation’s FDIC-insured banks. This shock caused the reserve ratio – the amount of reserves required in our Deposit Insurance Fund – to fall below the floor set by law.
Statement of Director Rohit Chopra on the LIBOR Transition Rule
In the years leading up to the subprime crisis, one opaque and easily manipulable index, LIBOR, came to dominate adjustable rate home mortgage loan contracts. In the wake of the crisis, we learned that large international banks had conspired to set the LIBOR rate in order to conceal weaknesses in the financial system and to boost their bottom line.
Statement by CFPB Director Rohit Chopra on HUD Guidance on Special Purpose Credit Programs
Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra issued the following statement: Earlier today, the U.S. Department of Housing and Urban Development released guidance clarifying that special purpose credit programs that conform with the Equal Credit Opportunity Act and Regulation B generally do not violate the Federal Fair Housing Act.
Statement Regarding the Advisory Opinion to Curb False Identity Matching
As the economy recovers from the pandemic, many Americans are seeking new jobs and housing. But too many have been blocked, due to false identity matching by a background screening company or another outfit that sells our personal data.
Statement of CFPB Director Chopra on Stablecoin Report
The United States must do more to nurture a fast, safe, and competitive payments system. New technologies can help to advance this goal, which would yield enormous benefits for consumers, workers, and small businesses.
Statement Regarding the CFPB’s Inquiry into Big Tech Payment Platforms
Faster, friction-less, and cheaper payment systems offer significant potential benefits to consumers, workers, their families, and small businesses in the United States.
Joint Statement on Managing the LIBOR Transition
Five federal financial institution regulatory agencies, in conjunction with the state bank and state credit union regulators, are jointly issuing this statement to emphasize the expectation that supervised institutions with LIBOR exposure continue to progress toward an orderly transition away from LIBOR.
Statement of CFPB Director Rohit Chopra on the JPay Enforcement Action
Today, the Consumer Financial Protection Bureau has penalized JPay for engaging in unlawful conduct that targeted people released from the corrections system, siphoning off taxpayer-funded benefits and people’s own hard-earned money in the process.
Statement of CFPB Director Rohit Chopra and FTC Chair Lina M. Khan on Amicus Brief filed in Henderson v. The Source for Public Data, L.P.
The Consumer Financial Protection Bureau (CFPB), Federal Trade Commission (FTC), and North Carolina Department of Justice filed an amicus brief today with the U.S. Court of Appeals for the Fourth Circuit to urge the Court to overturn a problematic District Court decision that would undermine the Fair Credit Reporting Act (FCRA) by granting immunity to consumer reporting agencies under Section 230 of the Communications Decency Act. The case is Henderson v. The Source for Public Data, L.P.