Latest news with #RohitChopra
Bloomberg
4 days ago
- Business
- Bloomberg
Stocks Gain on US Jobs Surprise as Treasuries Fall
Bloomberg Television brings you the latest news and analysis leading up to the final minutes and seconds before and after the closing bell on Wall Street. Today's guests are Winnie Cisar, Creditsights, Danielle Moran, Bloomberg News, Rohit Chopra, Federal Trade Commission, Anthony Chukumba, Loop Capital, Omair Sharif, Inflation Insights, Alix Steel, Bloomberg News, Tony Roth, Wilmington Trust, Sally Bakewell, Bloomberg News, Jessica Inskip, Mary Ross Gilbert, Bloomberg Intelligence, Sophia Webster, Luxury Shoe Designer, Lorraine Hutchinson, Bank Of America, Brett Rose, United National Consumer Suppliers. (Source: Bloomberg)
Yahoo
5 days ago
- Business
- Yahoo
CFPB seeks to end open banking case
This story was originally published on Payments Dive. To receive daily news and insights, subscribe to our free daily Payments Dive newsletter. The Consumer Financial Protection Bureau followed through Friday on a plan to let its open banking rule die. The federal agency filed a motion for summary judgment in U.S. District Court for Eastern Kentucky in a case brought by bank groups last year challenging the rule. In its Friday filing, the CFPB conceded the rule was unlawful. The rule 'unlawfully seeks to regulate open banking by mandating the sharing of data with 'authorized third parties,'' the CFPB's 27-page filing asserted. The rule also unlawfully prohibits financial institutions providing the data from instituting fees for sharing the data and unlawfully sets deadlines for compliance without a consensus on how standards will be developed, the filing said. The CFPB's position is an about-face by the Trump administration on the open banking rule crafted by the agency's former director, Rohit Chopra, during the Biden administration. The agency had put the rule in place last October to give consumers more control over sharing their financial data, such as bank account information, with other financial service providers. The move toward open banking was an attempt to let consumers opt to send their financial data to other financial institutions or any one of a number of young fintechs offering new digital financial services. Open banking has already gained traction in Europe and advocates have pushed for it in the U.S. for years, leaning on Section 1033 of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The Bank Policy Institute, which represents most of the big U.S. banks, and the Kentucky Bankers Association brought the lawsuit against the CFPB last October, along with Kentucky-based Forcht Bank, immediately after the rule was finalized the same month. A week before the agency's latest filing last month, the bureau's chief legal officer, Mark Paoletta, signaled the CFPB's plans in a court filing. 'After reviewing the Rule and considering the issues that this case presents, Bureau leadership has determined that the Rule is unlawful and should be set aside,' the agency wrote in a May 23 filing. The federal agency's filing echoed arguments made by plaintiffs in a longer, 50-page filing Friday also seeking summary judgment and outlining arguments against the rule. That court filing argued that the agency exceeded its authority in establishing the rule; that the framework for the mandated data-sharing was 'arbitrary and capricious'; and that the rule was unlawful for a number of reasons, including that banks wouldn't be allowed to charge fees for application programming interfaces they would provide to facilitate the data-sharing. The Financial Technology Association, which supports the rule, was last month granted leeway by U.S. District Judge Danny C. Reeves to intervene in the case and defend the CFPB open banking rule. The trade group, which represents companies that would benefit from the third-party data-sharing, said in a statement Friday that it will continue to fight to protect the rule. 'Americans must have a right to securely control and share their financial data to access the apps and services of their choice,' FTA CEO Penny Lee said in the statement. 'FTA will continue to defend this right and work to uphold Americans' financial freedoms. The FTA's members include digital payments pioneer PayPal, neobank Chime and financial technology provider Block. The association contended in its statement that big banks are trying to limit competition and short-change consumers' control of their data. It also noted that the rule was initially put forward during the first Trump administration with 'broad bipartisan support.' The Financial Data and Technology Association's North America arm also protested the bureau's court arguments against the rule. That association, which represents the fintech Plaid, processing giant Fiserv and other fintechs, said in a Friday statement that it 'strongly' rejects the CFPB claim that Dodd-Frank doesn't allow for the sharing of consumers' data with third-parties. Recommended Reading CFPB to yank 'unlawful' open banking rule Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
5 days ago
- Business
- Yahoo
'Repeal and replace is not a plan': Michael Steele on GOP's empty promises for health care
Rohit Chopra, the former head of the Consumer Financial Protection Bureau, joins The Weeknight to discuss the potential impact of the Republican budget bill on the U.S. health care system.
Yahoo
28-05-2025
- Business
- Yahoo
DOJ, CFPB seek to end Trustmark redlining consent order early
This story was originally published on Banking Dive. To receive daily news and insights, subscribe to our free daily Banking Dive newsletter. The Justice Department and the Consumer Financial Protection Bureau filed a motion last week to terminate a consent order against Trustmark Bank over allegations the Jackson, Mississippi-based lender engaged in redlining between 2014 and 2018. The 2021 consent order marked the launch of a concerted effort by the DOJ, CFPB and Office of the Comptroller of the Currency during the Biden administration to root out racial discrimination in mortgage lending. Throughout three years, the agencies agreed to 15 settlements that brought $150 million in relief, the DOJ said last October. Trustmark has paid a $5 million penalty in connection with the order and disbursed $3.85 million into a loan subsidy program meant to increase the bank's lending presence in majority-Black and majority-Hispanic neighborhoods in the Memphis, Tennessee, area, and took steps to implement improved fair lending procedures, the DOJ and CFPB argued last week. Trustmark's consent order was to remain in effect for five years. Terminating the order now would free the bank 17 months early. The DOJ and CFPB seek to have it dismissed with prejudice, too, so future iterations of the agencies can't file claims later on the same allegations. 'Trustmark has demonstrated a commitment to remediation, and … [the bank] is substantially in compliance with the other monetary and injunctive terms of the Consent Order,' the agencies wrote in paperwork filed in the U.S. District Court for the Western District of Tennessee. The bank likewise referenced its 'commitment to remediation' and 'substantial compliance' with the consent order in a filing Wednesday with the Securities and Exchange Commission disclosing the matter. The CFPB alleged in 2021 that Trustmark failed to adequately market, offer or originate home loans to consumers in majority-Black and Hispanic neighborhoods in and around Memphis. Specifically, just four of the bank's 25 Memphis-area branches were in majority-nonwhite neighborhoods at the time, and none of the four had an assigned mortgage loan officer, the bureau said at the time. Further, Trustmark did not establish internal committees to oversee fair lending until August 2018, after the OCC launched an exam of the bank's fair-lending practices. 'The federal government will be working to rid the market of racist business practices, including those by discriminatory algorithms,' the CFPB's then-director, Rohit Chopra, said, noting the launch of the anti-redlining effort. Despite being used as a benchmark, the Trustmark settlement was hardly the first of the Biden era. The DOJ had reached an $8.5 million settlement with Cadence Bank just two months earlier over allegations the lender engaged in redlining in Houston from 2013 to 2017. But the Trustmark order signaled a lock-step among regulators. Observers might argue Trump administration regulators are aligning in a similar lock-step now, with different priorities. The CFPB, for example, dismissed 18 lawsuits and three civil investigative demands against various firms between February and early May, American Banker reported. So last week's Trustmark motion is in character. The DOJ and CFPB noted in their motion that 'modifications' to the 2021 consent order 'may be made upon approval of the Court, by motion by any Party, and that the Parties will work cooperatively to propose modifications if there are changes in material factual circumstances.' Trustmark's $5 million penalty was far from the highest from the cooperative anti-redlining effort. That distinction belongs to Royal Bank of Canada subsidiary City National Bank, which was ordered to pay $31 million in 2023. Recommended Reading Shared zeal for CRA reform leads OCC chief, entrepreneur to rare rapport
Buzz Feed
21-05-2025
- Politics
- Buzz Feed
HuffPost Invites Workers Fired By Trump To The White House Correspondents' Dinner
Washington, DC — April 23, 2025 — HuffPost, the award-winning online news organization, has extended an invitation to three individuals who were fired by the Trump administration to attend this year's White House Correspondents' Dinner (WHCD) as HuffPost guests. HuffPost guests include: Rohit Chopra, former Director of the Consumer Financial Protection Bureau Hampton Dellinger, former Special Counsel of the U.S. Office of Special Counsel Andrew Bivins, former USAID Western Balkans Country Affairs Officer These individuals were removed from their positions under circumstances that underscored the Trump administration and the Department of Government Efficiency (DOGE)'s hostility to oversight, transparency, and independent reporting. HuffPost's relentless coverage of the Trump administration has led to blowback from the White House, including HuffPost's temporary expulsion from the White House press pool. Despite these obstacles, HuffPost has remained steadfast in its mission to deliver unbiased, investigative journalism that holds those in power to account. Press Contact:
