The Consumer Financial Protection Bureau is planning to “sharpen its focus on repeat offenders,” specifically those companies that violate agency or federal court orders, Director Rohit Chopra is planning on telling the House Financial Services Committee today, according to a copy of his prepared remarks. Chopra is making stops at the House Financial Services Committee today and Senate Banking Committee tomorrow to answer questions and give a semi-annual report to Congress.
Chopra’s remarks — and the answers he gives today and tomorrow — will mark the first opportunity that many have had to hear his mandate and agenda now that he is leading the CFPB, a position he took over earlier this month.
“The agency has now entered into a substantial number of orders, largely by consent of the agency and the financial institution, and it will be critical that we closely monitor compliance with these orders,” Chopra will say, according to his scheduled testimony. “Repeat offenders that violate orders and cause ongoing harm to families and law abiding businesses must be stopped.”
The CFPB will work closely with other regulators, such as the Office of the Comptroller of the Currency, to “fashion appropriate remedies” for repeat offenders, Chopra is scheduled to say.
Going after repeat offenders was second on Chopra’s list of priorities, falling behind focusing his attention on stimulating “greater competitive intensity in consumer financial markets” and ahead of “restoring relationship banking in an era of big data.”
Chopra, who took over as Director of the CFPB earlier this month, will sit down and answer questions from the Financial Services Committee starting at 10am ET. The event can be streamed live by clicking here. Thursday’s hearing can be streamed live at 10am by clicking here
