Consumer Financial Protection Bureau headquarters in Washington, D.C. Photo: Diego M. Radzinschi/ALM
CFPB Director Rohit Chopra will sit before members of the Senate Banking, Housing, and Urban Affairs Committee for the last time on Wednesday as he is expected to be replaced by the incoming Trump Administration next month.
This final appearance by Chopra and the expected new CFPB leader to be named has created a unique combination of timing for credit union officials to vividly express their critical thoughts about Chopra and lay out well known ideas credit unions have for structurally changing the CFPB.
In a two-page letter sent to the Committee leaders on Tuesday, DCUC Chief Advocacy Officer Jason Stverak raised concerns over the CFPB’s recent policy moves on overdraft protection, credit card late fees, and data-sharing rules, which he said reflected a broader regulatory overreach that disproportionately affects smaller financial institutions such as defense credit unions.
Stverak noted that the CFPB is an important consumer protection entity, “but some of its recent regulatory priorities risk unintended consequences that could negatively impact service members and the credit unions that serve them. Specifically, we urge the committee to scrutinize CFPB’s positions on overdraft protection, credit card late fees, the proposed Section 1033 rule, and broader trends in overregulation. Additionally, DCUC strongly supports reforms to the CFPB to ensure it operates in a fair, transparent, and accountable manner.”
DCUC stated that structural reforms to the CFPB are critical to ensuring its accountability, transparency, and balanced oversight of the financial sector.
Specifically, DCUC recommended two ideas that the credit union industry has pushed for years. Those ideas included:
- Establishing a Five-Member Commission: Replacing the single-director leadership model with a bipartisan five-member commission would promote greater stability, continuity, and collaboration in CFPB policymaking. This structure, used successfully by other financial regulators, would mitigate abrupt policy swings and ensure diverse perspectives in decision-making.
- Placing the CFPB Under the Congressional Appropriations Process: Currently, the CFPB’s funding bypasses congressional oversight by being tied to the Federal Reserve. Subjecting the agency to the appropriations process would enhance accountability and ensure Congress has a more direct role in overseeing how taxpayer resources are utilized. This change would also align the CFPB’s funding mechanism with other federal financial regulators
The Senate Banking, Housing, and Urban Affairs Committee hearing “Consumer Protection: Protecting Workers’ Money and Fighting for the Dignity of Work” can be watched via livestream on the Committee’s website beginning Wednesday, Dec. 11 at 9:45 a.m. EST.
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Michael Ogden
Editor-in-Chief at CU Times. To connect, email at [email protected]. As Editor-in-Chief of CU Times since 2016, Michael Ogden has led the editorial team in all aspects of content strategy and execution, including the creation of the publication’s exclusive and proprietary research database of the credit union industry’s economic landscape. Under Michael’s leadership, CU Times has successfully shifted to an all-digital editorial product with new focuses on the payments, fraud, lending and regulatory beats. Most recently, he introduced a data-focused editorial product for subscribers that breaks down credit union issues into hard data, allowing for a deeper and more factual narrative for readers. In 2024, he launched the "Shared Accounts With CU Times" podcast, which offers a fresh, inside-the-newsroom perspective through interviews with leaders from the credit union industry and the regulatory world. He dives into pressing credit union issues, while revealing the personalities working behind-the-scenes to push the credit union world forward. His background includes years as a radio and TV anchor/reporter and a public relations and digital/social media manager, where he covered the food and music industries, as well as cooperatives and credit unions. Over the years, he has launched numerous exclusive video and podcast series, including a successful series of interactive backstage interviews with musicians at music festivals, showcasing his social media and live streaming production skills.
