Rohit Chopra (Rohit Chopra), the new director of the US Consumer Financial Protection Bureau (CFPB)
Chopra) will deliver an inauguration speech this Wednesday, and he is expected to further supervise the business activities of the technology giants. According to Chopra’s prepared inaugural speech, the CFPB will take measures to avoid the foreclosure of troubled American homeowners and to promote more competitive consumer credit. At the same time, the CFPB will also strengthen the supervision of technology giants.
In recent years, many technology companies have provided real-time consumer payment systems in an attempt to better grasp the flow of funds in economic activities and thus master massive amounts of data.
In addition, the CFPB will strengthen law enforcement for companies that have repeatedly violated US consumer finance laws.
Chopra is a veteran advocate of consumer rights protection. This time he was appointed by US President Biden as the director of the CFPB to help resolve inequality in credit services. He will attend a hearing of the House Financial Services Committee at 10 am Eastern Time on Wednesday to introduce his plan.
According to a prepared speech, Chopra said: “In many areas and specific communities in the United States, the situation is still fragile. Many families are still struggling to pay mortgages and rent, and many small businesses are facing difficulties in making ends meet. The severe challenge.”
Earlier this month, Chopra was sworn in as the full-time director of the CFPB. Prior to the US Federal Trade Commission (FTC), Chopra became famous for his active advocacy of consumer rights protection, and after the establishment of the CFPB in 2010, he helped Senator Elizabeth Warren to promote the establishment of this institution.
Analysts believe that, as a critic of large companies, and with the help of previous rich experience in the CFPB, Chopra will become a powerful director.
Within a few weeks of taking office, Chopra began to take action. CFPB has ordered Amazon,AppleSubmit information with Facebook on how to collect and use consumer payment data.
His speech shows that the CFPB will closely follow the behaviors that may hinder competition, and pay attention to the “obstacles faced by small local financial institutions when they challenge dominant large institutions, such as large technology companies”.
In recent years, US regulators and legislators have begun to pay attention to the technological elements introduced in various financial products, whether it is cryptocurrency or “buy first, pay later” credit products.