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VOICE ARCHIVE

Rohit Chopra

@chopracfpb
22 posts
2025-02-02
It's been an honor serving as your @CFPB Director. Every day, Americans from across the country shared their ideas and experiences with us. You helped us hold powerful companies & their executives accountable for breaking the law, and you made our work better. Thank you. 🇺🇸🇺🇸🇺🇸 [image]
2025-02-02 View on X
Associated Press

Donald Trump fires Consumer Financial Protection Bureau Director Rohit Chopra, one of the more important regulators and holdovers from the Biden administration

President Donald Trump has fired the director of the Consumer Financial Protection Bureau, Rohit Chopra, in the latest purge of a Biden administration holdover.

2024-11-22
If you use an app on your phone to transfer money or make payments, you shouldn't suddenly lose access to your money. Today, the @CFPB finalized a rule to strengthen oversight over Big Tech and other major payment apps. https://www.consumerfinance.gov/ ...
2024-11-22 View on X
Bloomberg

The CFPB will supervise tech companies with digital wallets, like Apple Pay, Google Pay, and Venmo, with 50M+ annual transactions, treating them more like banks

the Biden/Warren crew just enacted this to stop @X from becoming a payments juggernaut. Wow, a whole new 259-page rule aimed at X...yet more lawfare against you.👊 (Congress can & p...

2024-10-23
.@GoldmanSachs and @Apple illegally sidestepped their legal obligations for Apple Card borrowers. Big Tech companies and big Wall Street firms should not behave as if they are exempt from federal law.
2024-10-23 View on X
Bloomberg

The US CFPB says Goldman Sachs and Apple will pay $89M following a long-running Apple Card investigation; Goldman must pay $64.8M and Apple must pay $25M

The Consumer Financial Protection Bureau said the action concerned customer service breakdowns and misrepresentations that affected hundreds …

Today, the @CFPB ordered @Apple and @GoldmanSachs to pay a total of $90 million for customer service breakdowns and misrepresentations that impacted hundreds of thousands of Apple Card users. $AAPL $GS https://www.consumerfinance.gov/ ...
2024-10-23 View on X
Bloomberg

The US CFPB says Goldman Sachs and Apple will pay $89M following a long-running Apple Card investigation; Goldman must pay $64.8M and Apple must pay $25M

The Consumer Financial Protection Bureau said the action concerned customer service breakdowns and misrepresentations that affected hundreds …

2024-08-25
If you want to understand some of the ways that private equity-owned companies are pushing up the cost of housing, here's a good example. Today, @TheJusticeDept and several states sued @RealPage for its algorithmic collusion scheme to drive up rents. https://www.bloomberg.com/...
2024-08-25 View on X
Bloomberg

The US DOJ sues RealPage, alleging its software helps property managers collude to drive up rental prices on millions of units, violating antitrust law

- Prosecutors allege software drives up prices on rental units  — Company says rent software uses anonymous, aggregated data

2024-08-24
If you want to understand some of the ways that private equity-owned companies are pushing up the cost of housing, here's a good example. Today, @TheJusticeDept and several states sued @RealPage for its algorithmic collusion scheme to drive up rents. https://www.bloomberg.com/...
2024-08-24 View on X
Bloomberg

The US DOJ sues RealPage, alleging its software helps property managers collude to drive up rental prices on millions of units, violating antitrust law

- Prosecutors allege software drives up prices on rental units  — Company says rent software uses anonymous, aggregated data

2024-08-23
If you want to understand some of the ways that private equity-owned companies are pushing up the cost of housing, here's a good example. Today, @TheJusticeDept and several states sued @RealPage for its algorithmic collusion scheme to drive up rents. https://www.bloomberg.com/...
2024-08-23 View on X
Bloomberg

The US DOJ sues RealPage, alleging its software helps property managers collude to drive up rental prices on millions of units, violating antitrust law

- Prosecutors allege software drives up prices on rental units  — Company says rent software uses anonymous, aggregated data

2024-06-18
The @FTC is right to take action against @Adobe for deceiving consumers about subscription cancellation fees and making it unreasonably difficult to cancel. Importantly, the lawsuit also names individual executives who allegedly directed the scheme. https://www.ftc.gov/...
2024-06-18 View on X
The Verge

The US DOJ sues Adobe for allegedly harming “consumers by enrolling them in its default, most lucrative subscription plan without clearly disclosing” plan terms

Amid a flurry of tech news yesterday … Kevin Okemwa / Windows Central : US government sues Adobe for ‘deceptive’ business tactics and hiding steep subscription cancellation charges...

2024-04-18
Coding boot camp @bloomtech and its CEO Austin Allred deceived students about the cost of loans and making misleading claims about graduate hiring rates. Today, the @CFPB took action against them for deceiving the students that they were meant to help. https://www.consumerfinance.gov/ ...
2024-04-18 View on X
TechCrunch

The US CFPB fines BloomTech, formerly Lambda School, and CEO Austen Allred $164K+ and bans BloomTech from lending for 10 years over deceiving students on loans

In an order today, the U.S. Consumer Financial Protection Bureau (CFPB) said that BloomTech, the for-profit coding bootcamp previously known …

2023-08-16
The @CFPB will be considering rules that will apply the safeguards of the Fair Credit Reporting Act to firms that traffic our data used to make big decisions about our lives.
2023-08-16 View on X
CNBC

At a White House roundtable, the US Consumer Financial Protection Bureau touts Fair Credit Reporting Act rules to crack down on harmful data broker practices

like payment history or criminal history — as a consumer report under the FCRA. That would trigger new accountability requirements. Tonya Riley / @tonyajoriley : The 2nd proposed r...

Data brokers control our most personal information and sell it to anyone that's willing to pay for someone's every intimate detail, including scammers. With artificial intelligence, there are even more financial incentives to snoop.
2023-08-16 View on X
CNBC

At a White House roundtable, the US Consumer Financial Protection Bureau touts Fair Credit Reporting Act rules to crack down on harmful data broker practices

like payment history or criminal history — as a consumer report under the FCRA. That would trigger new accountability requirements. Tonya Riley / @tonyajoriley : The 2nd proposed r...

Right now, data brokers operate with little accountability. Many of these firms use this data to feed “artificial intelligence” that makes decisions about our daily lives.
2023-08-16 View on X
CNBC

At a White House roundtable, the US Consumer Financial Protection Bureau touts Fair Credit Reporting Act rules to crack down on harmful data broker practices

like payment history or criminal history — as a consumer report under the FCRA. That would trigger new accountability requirements. Tonya Riley / @tonyajoriley : The 2nd proposed r...

Today, the @CFPB is launching a rulemaking to address business practices used by data brokers in the surveillance industry to power artificial intelligence and monetize our data. https://www.consumerfinance.gov/ ...
2023-08-16 View on X
CNBC

At a White House roundtable, the US Consumer Financial Protection Bureau touts Fair Credit Reporting Act rules to crack down on harmful data broker practices

like payment history or criminal history — as a consumer report under the FCRA. That would trigger new accountability requirements. Tonya Riley / @tonyajoriley : The 2nd proposed r...

2023-03-12
The California Department of Financial Protection & Innovation has closed Silicon Valley Bank and appointed the @FDICgov as receiver. https://twitter.com/...
2023-03-12 View on X
Bloomberg

As the “Bank of Startups”, Silicon Valley Bank collapsed from its exposure to interest-rate risk, a lack of diversity among depositors, and VC herd mentality

an unsecured illiquid claim on a failed bank. Absent @jpmorgan @citi or... https://twitter.com/... Bob Elliott / @bobeunlimited : Fed/FDIC decisions on SVB determine whether they r...

2023-03-11
The California Department of Financial Protection & Innovation has closed Silicon Valley Bank and appointed the @FDICgov as receiver. https://twitter.com/...
2023-03-11 View on X
Bloomberg

As the “Bank of Startups”, Silicon Valley Bank collapsed from its exposure to interest-rate risk, a lack of diversity among depositors, and VC herd mentality

Programming note: Money Stuff was supposed to be off today, but: bank run!  —  SVB

2022-12-26
Every time you use your debit or credit card, you incur a hidden fee, paid by the retailer, that goes to payment card networks. Today, the @FTC charged @Mastercard with illegally preventing retailers from accessing lower cost payment processing options. https://www.ftc.gov/...
2022-12-26 View on X
Bloomberg

The FTC orders Mastercard to give its rivals customer data for processing debit card payments, alleging Mastercard used tokenization to block competing networks

2022-12-24
Every time you use your debit or credit card, you incur a hidden fee, paid by the retailer, that goes to payment card networks. Today, the @FTC charged @Mastercard with illegally preventing retailers from accessing lower cost payment processing options. https://www.ftc.gov/...
2022-12-24 View on X
Bloomberg

The FTC orders Mastercard to give its rivals customer data for processing debit card payments, alleging Mastercard used tokenization to block competing networks

The Federal Trade Commission ordered Mastercard Inc. to start providing its competitors with customer account information …

2022-01-19
For years, antitrust officials relied on flawed and outdated assumptions about the economy to justify their pro-merger policy posture. Today, @FTC and @JusticeATR launched an effort to reboot its policies to detect and deter illegal corporate mergers. https://www.ftc.gov/...
2022-01-19 View on X
CNBC

The FTC and DOJ seek public comment on how to rewrite “the antitrust laws regarding mergers”, signaling a potentially tougher stance toward Big Tech deals

Every agency involved in merger review, including the bank regulators, must do more to turn the page on the era of enforcement that failed to deter illegal mergers that harm families, businesses, and our country's resilience. Weigh in by March 21: https://www.regulations.gov/ ...
2022-01-19 View on X
CNBC

The FTC and DOJ seek public comment on how to rewrite “the antitrust laws regarding mergers”, signaling a potentially tougher stance toward Big Tech deals

2021-12-23
The @CFPB is shuttering the lending operations of @LendUpCredit for repeatedly lying to and illegally cheating its customers. It was a darling of the venture capital world that attracted investment from @Google Ventures, @a16z, @kleinerperkins, and others. https://www.consumerfinance.gov/ ...
2021-12-23 View on X
Reuters

The US CFPB orders online payday lender LendUp to shutter lending operations after finding it repeatedly lied to and illegally cheated its customers

it has been a long time coming. In other news, anyone looking to buy my shares of LendUp? Rohit Chopra / @chopracfpb : We will be working to provide redress to borrowers cheated by...