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On Wednesday, April 27, 2022, at 10:00 a.m. (ET) full Committee Chairwoman Waters and also Ranking Member McHenry will organize a crossbreed hearing entitled, “Consumers First: Semi-Annual Report of the Consumer Financial Protection Bureau.”
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Witnesses for this one-panel hearing will be:
– The Honorable Rohit Chopra, Director, Consumer Financial Protection Bureau
Review
Pursuant to the Dodd-Frank Wall Street Reform and also Consumer Protection Act of 2010 (DoddFrank Act), the Director of the Consumer Financial Protection Bureau (CFPB) is called for to testify prior to the Committee on its semi-annual report.1 The most current semi-annual record issued by CFPB was released on April 6, 2022, which covers firm activity from April 1, 2021 to September 30, 2021.
This memo summarizes the CFPB’s latest record and also other activities considering that October 2021, when CFPB Director Rohit Chopra last indicated prior to the Committee.
History
In reaction to the 2007-2009 economic crisis created in component by a period of rampant and also unchecked
predacious loaning, Congress passed the Dodd-Frank Wall Street Reform and also Consumer Protection Act, which developed the CFPB as an independent company within the Federal Reserve System to much better protect customers from unreasonable, misleading, or violent acts or techniques in the economic marketplace.
In establishing
the CFPB, Congress explicitly set out in statute the agency’s purpose, objectives, and works.5.
Considering that opening its doors in 2011, the CFPB has actually examined as well as uncovered unlawful and also outright.
conduct in the financial marketplace, including inequitable and predative items and also services provided to consumers. The firm has obtained over 2.9 million consumer grievances with a 98 percent prompt response rate by monetary firms to those issues.7 Since its starting, the CFPB has actually supplied over $13.6 billion in monetary payment, major reductions, cancelled financial obligations as well as other customer relief with its enforcement and managerial job.
The CFPB has additionally provided numerous regulation monetary products and also solutions, and also offers cost-free sources to the general public to better recognize these products and also solutions, as well as their civil liberties as well as protections afforded them under the legislation.
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Hearing web page: https://financialservices.house.gov/events/eventsingle.aspx?EventID=409258.