Rohit Chopra, director of the Consumer Financial Protection Bureau, testifies during a Senate Banking, Housing and Urban Affairs Committee hearing on April 26, 2022. Tom Williams | Cq-roll Call, Inc. | Getty Images
Rohit Chopra has lofty plans for the Consumer Financial Protection Bureau to tackle artificial intelligence threats, medical-debt reporting, exorbitant credit card fees and other so-called junk surcharges. But that agenda is under threat by a legal argument targeting the agency’s funding structure, which a federal appeals court ruled unconstitutional last year. When the CFPB was created 12 years ago as a response to the global financial crisis, Congress chose to fund it through transfers from the Federal Reserve Board of Governors instead of appropriations. Republican lawmakers have panned the agency’s concept for years. Among its harshest critics is Rep. Andy Barr, R-Ky., who has called the CFPB
CFPB chief sets regulatory agenda on junk fees, medical debt and AI
