Q&A with CFPB Director Rohit Chopra

Abstract

What illegal practices are you seeing in the marketplace with respect to overdraft fees, and what do you think the industry should be doing on its own?ROHIT CHOPRA: We are actually quite gratified to see where the market has been shifting. Why has the bureau brought so few enforcement actions in your first year?Well, I think there's a couple of reasons. Tell me what you're trying to accomplish with that kind of rhetoric?With the rhetoric? Well, I think we need to be judged by our actions. We've been thinking a lot about how do you increase competition and innovation? Is it about picking one winner or loser or is it about fostering and helping all of those little players get in the game and challenge the Big Tech firms? Let's talk about the FDIC. Specifically, whose idea was it to put forward a review of bank merger policy without the consent of FDIC Chair Jelena McWilliams?Well, I would challenge the premise of the question. Can you discuss your thinking on what should be changed? Are you looking for a different bright-line QM standard?We have not really heard any objections from the mortgage industry or others about taking a harder look at that. One thing people will probably know about me is I'm constantly asking our staff to think about what the future holds. We have tried to be upfront and transparent about how we think some of those laws do apply.