Tag: Rohit Chopra

Pennsylvania Community Bankers Worried About New Regulation’s Impact on Small Business

Bradley Vasoli

A new data-reporting rule issued by the Consumer Financial Protection Bureau (CFPB) has Pennsylvania’s community bankers worried about its implications for them and the businesses they serve. 

The regulation requires lenders making at least 100 small business loans annually to gather data regarding the entities’ applications, including credit prices, geographic figures, lending determinations and demographic information. The banks must then publish the data they collect. Entities meeting the definition of “small business” are those with gross revenues under $5 million in their last fiscal year. 

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Wells Fargo Ordered to Pay $3.7 Billion for ‘Illegal Activity,’ Including Mismanaging Accounts

Just the News

Federal regulators on Tuesday ordered Wells Fargo Bank to pay a $1.7 billion civil penalty and more than $2 billion in compensation to customers for what they say was “illegal activity affecting over 16 million consumer accounts.”

The Consumer Financial Protection Bureau said Wells Fargo “repeatedly misapplied loan payments, wrongfully foreclosed on homes and illegally repossessed vehicles, incorrectly assessed fees and interest, charged surprise overdraft fees,” among other things.

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GOP Senators Claim Biden Appointee Has Turned Consumer Protection Bureau Into a ‘Lawless and Unaccountable’ Agency

Admin

Republican senators claimed in a Monday letter to Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra that he has returned the federal agency to its “lawless and unaccountable” Obama-era “roots.”

Led by Pennsylvania Sen. Pat Toomey, the 12 senators are taking aim at Chopra’s alleged “abuses of power” that are a “serious concern.” Chopra should “reverse course” and ensure the CFPB “stay[s] within the boundaries of law,” the senators wrote.

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