Chief consumer finance watchdog Rohit Chopra will tell lawmakers on Wednesday his agency wants to minimize foreclosures on struggling American homeowners and make consumer lending more competitive, according to prepared testimony from his inaugural address.
The U.S. Consumer Financial Protection Bureau will also scrutinize the efforts of technology giants or "Big Tech" to gain greater control over the flow of money in the economy by offering real-time consumer payments systems, and the huge amounts of data they consequently control.
Chopra's appearance is likely to reinvigorate the CFPB's status as a political lightning rod. Republicans have sought to handcuff the agency since its creation, calling it overpowerful and unaccountable. "This hearing should serve as a reminder of both the bureau’s broad authority and Director Chopra’s capacity to effectively use the bureau’s toolbox," said Isaac Boltansky, director of policy research for financial firm BTIG.Amazon.com Inc, Apple Inc and Facebook Inc to hand over information about how they gather and use consumer payment data.
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