Lawmakers questioned CFPB Director Chopra on several of the bureau’s regulatory actions on financial services fees, medical debt, mortgage closing costs, and more during Wednesday’s Senate Banking Committee hearing.
On fees, Ranking Member Tim Scott, R-S.C., criticized the bureau’s efforts on “junk fees” in his opening remarks, stating the credit card late fee rule will impact consumer access to credit. In addition, Sen. Cynthia Lummis, R-Wyo., explained that consumers can access many free services due to overdraft and interchange fees covering the cost. America’s Credit Unions continues to fight back against the CFPB’s misguided efforts that restrict access to safe, affordable credit and support efforts to hold the bureau accountable.
Ahead of the hearing, America’s Credit Unions President/CEO Jim Nussle urged that the CFPB’s authority should be used in a manner that is consistent with the spirit of the Dodd-Frank Act. He again made this call to action in a similar letter sent to the House Financial Services Committee ahead of its hearing with Chopra today.
Nussle reiterated the organization’s concerns with various key issues that are top-of-mind for credit unions and outlined several key principles – developed with member credit unions – to guide any CFPB action.
America’s Credit Unions will monitor today’s hearing in the House, scheduled for 10 a.m. Eastern.
