"It's a Mess": The Many Implications of the CFPB's Legal Nightmare

The CFPB and Director Chopra should be overhauled.  The recent activity regarding reduction or elimination of consumer bank fees has been inappropriate or potentially illegal.  Director Chopra and the CFPB have been making and enforcing policies and regulations without going through the proper channels (e.g., public vetting of such policies or regulations, ensuring impacted institutions are aware of the expectations and have time to implement, etc.).  Director Chopra is placing political pressures from the Biden Administration over doing what is right and expected by regulatory bodies, resulting in an erosion of trust and adversarial relationship between supervised institutions and regulatory bodies.  Many institutions were hit by enforcement actions via recent examinations or policy enforcement, where such institutions were not aware such requirements had been established.  In the history of banking, if a customer does not properly manage their account, resulting in insufficient funds, there is a financial consequence imposed on the customer by the bank.  Director Chopra and the Biden Administration's directions are to absolve consumers from basic responsibilities and creating president where consumers are not required to exercise due care or basic common sense.

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Matt Johnson
CFO
Premier Bank
Omaha, NE
Posts reflect my personal opinion and do not represent any organization in which I am affiliated.
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Original Message:
Sent: 11-01-2022 15:25
From: Rob Blackwell
Subject: "It's a Mess": The Many Implications of the CFPB's Legal Nightmare

Listen to the latest episode of Banking with Interest. Two journalists who have covered the CFPB for years grapple with the bewildering array of questions stemming from the recent federal appeals court ruling that said the agency's funding is unconstitutional. What happens if the Supreme Court upholds the ruling? And how long will it take for the issue to be resolved?

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Rob Blackwell
Chief Content Officer and Head of External Affairs
IntraFi
Arlington, VA
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