In a few hours, I'll have the pleasure of hosting CFPB Director Rohit Chopra for a virtual talk at UCI Law (today at 12pm PDT, 3pm PDT). You can still join us by registering for the Zoom link here.
Director Chopra will be discussing the new policy statement on the CFPB's "abusive" authority that the Bureau issued a few minutes ago. The statement "summarizes precedent and establishes a framework to help federal and state enforcers identify when companies engage in abusive conduct."
The full policy statement is available here and will be published in the Federal Register with a 90-day comment period that closes on July 3. I imagine we might be talking more about it and its implications here on CreditSlips in the coming days.
Nothing contributes so much to the prosperity and happiness of a country as high profits