U.S. consumer watchdog eyeing Big Tech, lending competition as recovery unfolds -testimony

FILE PHOTO: Signage is seen at the Consumer Financial Protection Bureau (CFPB) headquarters in Washington, D.C., U.S., August 29, 2020. REUTERS/Andrew Kelly

WASHINGTON (Reuters) -The head of the U.S. Consumer Financial Protection Bureau (CFPB), Rohit Chopra, will tell lawmakers on Wednesday the agency seeks to minimize foreclosures on struggling American homeowners and ensure "greater competitive intensity" in consumer lending, according to his prepared testimony.

The agency will also aim to scrutinize Big Tech as it gains greater control over money flows and will sharpen its enforcement focus on firms that repeatedly violate consumer finance laws.

A champion of American borrowers tapped by President Joe Biden to help address inequities in lending, Chopra's first hearing as CFPB director on Wednesday to members of the House Financial Services Committee is expected to outline an ambitious agenda amid the ongoing economic fallout from the coronavirus.

"The CFPB will use its tools to promote an equitable and inclusive recovery," Chopra will tell the panel.

I hope to focus attention on ways to stimulate greater competitive intensity in consumer financial markets and sharpen my focus on repeat offenders, particularly those that violate agency or federal court orders."

He added the agency will keep a close eye on practices that might impede competition by taking note of "the obstacles small local financial institutions face when seeking to challenge dominant incumbents, including in Big Tech."

Analysts expect he will use the CFPB's sweeping authority to probe the financial marketplace and flex significant enforcement muscles.

(Reporting by Katanga Johnson and Pete Schroeder in Washington, D.C.; Editing by Chris Reese)

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 46
Cxense type: free
User access status: 3
Join our Telegram channel to get our Evening Alerts and breaking news highlights


Next In Tech News

Visa launches crypto advisory service for financial institutions, merchants
Bill Gates thinks ‘acute phase’ of pandemic will end in 2022 despite Omicron
Ubisoft launches 'playable' NFTs in its video games
Activision’s ‘Call Of Duty’ game testers plan walkout over job cuts
Meta offers deferral program for employees unready to return to office
YouTube’s crypto influencers try shouting over the scammers
S.Korea "webtoon" firms leverage low-cost stories with potential huge upside
How Big Tech is faring against U.S. lawsuits and probes
Canada spy agency: Ransomware attacks soar, hackers set to become more aggressive
U.S. settles with Microsoft over immigration-related discrimination claims

Others Also Read