TREVOSE, Pa. — NCB Management Services, Inc., recently announced the addition of Jason Shinkunas to the NCB Executive Leadership Team as the Vice President of Finance.

Jason comes to NCB with 18 years of deep operational experience in reporting, advanced modeling, and financial planning. He has a demonstrated track record of helping shape corporate strategy, and brings seasoned expertise in building dynamic finance functions within high-growth companies. Prior to joining NCB, Jason was the Vice President of Financial Planning & Analysis for Marlin Capital Solutions, and played a key role in the public company’s successful strategic exit in Q1 of 2022. During his career, he has also held various finance roles at Lockheed Martin, Fiserv, and Rydex Investments.

“I am excited to welcome Jason to the senior executive leadership team at NCB”, stated Ralph Liberio, President & CEO. “Jason is a talented finance executive who will be an invaluable addition to NCB’s leadership team. He has demonstrated a proven track record of success with automating financial and accounting reporting systems and has excellent communication and leadership skills. The executive team and myself are excited to work closely with him as we execute the next phase of NCB’s journey”.

Commenting on his appointment, Jason said, “I am thrilled to be taking on this role at such an exciting time for the company. NCB has rightfully earned a reputation as a respected, top-notch team in the Accounts Receivable Management industry, and I can’t wait to contribute to the future that NCB is building.”

Jason holds a Bachelor of Science degree and a Master of Business degree, both from the Robert H. Smith School of Business at the University of Maryland.

About NCB Management Services

NCB Management Services, Inc. was established in 1994 and is headquartered in Trevose, PA with satellite offices in Jacksonville, FL, Sioux Falls, SD, and Lincoln, NE. NCB is a well- respected Debt Buyer of Unsecured Consumer Credit Products and an admired, well- recognized Accounts Receivable Management (ARM) industry leader. NCB is a customer- centric, regulatory compliant organization with a robust infrastructure, who has blended many years of ARM experience with the latest in new information systems and communication technology. NCB has developed a reputation as consistently being a valued business partner and performer in a wide variety of applications. Providing superior customer interaction and achieving maximum results, while protecting our clients valued reputation, are among our highest priorities.

Starting in late 2020, the national media and consumer advocates published panicked warnings about debt collectors flooding consumers with unwanted text messages, emails and messages on social media in attempting to collect debts after implementation of Regulation F:

• Debt collectors will soon be allowed to reach you by text or on Facebook – CBS News

• Debt collectors can now text you, email you and DM you on social media : NPR

One of the articles cited above and published by NPR even opens with a following fallacious scenario that would NEVER occur at any professional debt collection agency in the United States today and is clearly prohibited by Regulation F: 

“The next time someone tries to friend you on Facebook or follow you on Instagram, it could be a debt collector.”

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CFPB Leadership Won’t Comment on its Own Rules? 

Despite these seemingly dire warnings from our most trusted media outlets, the anticipated flood of unwanted electronic debt collection communications has apparently not yet arrived.  The reality is that the Regulation F guidance from the CFPB on electronic communications is unnecessarily restrictive and primarily focused on emails, whereas most consumers seek open and secure communications via text messaging or SMS.  

Unfortunately, the false media coverage asserting that Regulation F will result in a flood of unwanted debt collection communications has frightened leadership at the CFPB into silence, apparently fearing further negative media reaction by NPR, CBS and others if the CFPB clarifies its own muddled rules on texting.  Here once again, CFPB leadership is noticeably absent when needed most. (see also Hunstein: Does CFPB Leadership Lack Courage and Vision?) Where is the bold and decisive leadership at the CFPB that can rise above false media coverage and provide the real protection and guidance that consumers in the United States demand?  

Court Holds Text Message not Subject to Bona Fide Error Defense

The lack of practical clarity from the CFPB on the use of text messages for debt collection has directly resulted in an increased caseload for the Federal Courts to determine the rules.  In one recent case, a Federal Court held that a debt collection text message was not subject to the bona fide error defense under the Fair Debt Collection Practices Act, writing:

“However, [the debt collector’s] procedure of relying exclusively on [the creditor] – with no internal controls – is not “reasonably adapted to avoid the specific error at issue.” In Owen, the debt collector contracted with the creditor to assign accounts that are “validly due and owing.” Owen, 629 F.3d at 1275. In holding that the debt collector was not entitled to the bona fide error defense, the Eleventh Circuit stated: 

[M]ost notably, [the debt collector] has not
indicated any internal, error correction procedures to avoid miscalculations of
debt amounts, such as interest on past-due interest or extra fees beyond the
debtor’s unambiguous written agreement. [The debt collector] has not offered
evidence of any training techniques it employs to foster FDCPA compliance. For
example, [the debt collector] cited no evidence that it trains its employees to
examine principal and interest to avoid compound interest errors, much less any
internal procedures to segregate principal and interest to avoid collection
errors. . . . In sum, [the debt collector] cited no internal controls it
employs to reduce the incidence of improper debt collection. Rather, [the debt
collector’s] procedure is to outsource its oversight task to its creditor [],
which must report only debts that are ‘validly due and owing.’” 

Owen, 629 F.3d at 1276 (internal footnote omitted). The same is true here. [Defendant debt collector], like the debt collector in Owen, “cited no internal controls it employs to reduce the incidence of improper debt collection,” choosing instead to outsource its entire oversight operation to its creditor, [debt buyer].  Carter v. Capital Link Management 21-cv-00088 (N.D. AL 2022).”

The above excerpt from the July 12, 2022 Court decision in Carter details the present expectations of that Court for a debt collector to establish a bona fide error defense when sending text messages.  

The Carter case perfectly demonstrates the type of detailed practical guidance that the CFPB could provide to debt collectors such as specific procedures with examples for communicating with consumers via text message.  Unfortunately, the CFPB guidance on electronic communications to date through Regulation F has primary focused on avoiding third party disclosures when using email, a harm that is rarely (if ever) asserted.   Further, the CFPB’s tortured guidance on how a debt collector may issue the validation notice by electronic means is so convoluted that it is impossible to implement in most every instance. 

It is further perplexing that the CFPB chooses to spend considerable taxpayer resources on issuing advisory opinions on certain issues while it is silent on others.  For instance, on June 30, 2022, the CFPB issued a 10 page advisory opinion reiterating its position on convenience fees that it had previously published on August 2, 2017. FDCPA Advisory Opinion; Pay-to-Pay Fees (consumerfinance.gov)

The 2022 advisory opinion above is not materially different from the CFPB published 2017 opinion on the exact same topic.  Why would be CFPB choose to reiterate its position on a long ago settled concern such as convenience fees when issues involving debt collectors using text messages and letter vendors remain unsettled?  Unfortunately, in the absence of relevant guidance from the CFPB, we can expect the Federal Courts to fill the void and continue to define the procedures for how debt collectors may communicate via text with consumers.  

See the complete Order in  Carter v. Capital Link Management here. 

SACRAMENTO, Calif. — On April 29, 2021, the Department of Financial Protection and Innovation announced the formal creation of its inaugural debt collection advisory committee, a seven-member board that will provide critical feedback to the Department as it stands up its debt collection licensing program. The committee will advise Commissioner Clothilde V. Hewlett on matters related to the debt collection business, including proposed fee schedules and other requirements.

The committee members were appointed by former Commissioner Alvarez for two-year terms pursuant to Financial Code section 100025 of the Debt Collection Licensing Act (DCLA).

The committee members represent a diverse cross-section of stakeholders; five are industry representatives, one is a consumer advocate, and one is a law and economics professor who studies the industry. The committee includes the following members:

• Elizabeth Gonzalez, Public Counsel

• Scott Hyman, Severson & Werson

• Mark Naiman, ITP MDR, LLC

• Cindy Yaklin, States Recovery Systems Inc.

• Tamar Yudenfreund, Midland Credit Management

• Ohad Samet, TrueAccord Corporation

• Prasad Krishnamurthy, UC Berkeley School of Law

The next meeting of the committee will take place virtually on July 27th, 2022, at 2:00 PM PST This meeting will be open to the public and led by Senior Deputy Commissioner Suzanne Martindale and Deputy Commissioner Melinda Lee.

Meeting Agenda:

Introductions

1. Program Update

2. Regulations*

3. Roundtable

4. Public Comment 

*DFPI will be restricted from commenting on current pending regulations but appreciates feedback and encourages discussion on potential future rulemakings as well.

Zoom Webinar Information

To join from PC, Mac, Linux, iOS, or Android please click the link below:

https://us06web.zoom.us/webinar/register/WN_JEDkeAEDR6Kqx4f6EVI3Ng

Dial-in audio information will be made available on the DFPI Debt Collector Advisory page (https://dfpi.ca.gov/debt-collection-advisory-committee/) when the webinar goes live at 2:00 PM as well as being displayed during the event.

If you have any questions or need to request reasonable disability-related modifications or accommodations, please contact Ryan Rodriguez at ryan.rodriguez@dfpi.ca.gov. 

On July 5, 2022, the Consumer Relations Consortium (CRC) submitted comments to the California Department of Financial Protection and Innovation (DFPI) regarding its proposed consumer complaint and inquiry regulations.  The proposed regulations seek to establish complaint filing processes for consumers as well as investigation, response, reporting, and tracking procedures for covered entities.

The CRC’s comments were prepared by Legal Advisory Board (LAB) members Joann Needleman and Leslie Bender of Clark Hill, and Brit Suttell of Barron and Newburger.

In its comments, the CRC asked the DFPI to modify its proposed regulation as follows: 

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• Require appropriate verification as a prerequisite to filing a complaint on behalf of a third party due to the growing number of credit repair and debt management companies that seek extensive information by filing generic and duplicate complaints.

• Provide clarification to the definition of “complaint” to make it clear that a dispute made pursuant to the Fair Credit Reporting Act (FCRA) is not a complaint. 

• Allow covered entities to seek proof of authority to act on a consumer’s behalf to prevent covered entities from exposing consumers’ sensitive data to third parties. 

• Automate and standardize the inquiry and complaint process, including reporting and retention requirements to include a web portal. Standardization will increase efficiency. 

The complete comment filed by the CRC can be found here. 

About the Consumer Relations Consortium

The Consumer Relations Consortium(CRC) is an organization comprised of more than 60 national companies representing the diverse ecosystem of debt collection including creditors, data/technology providers and compliance-oriented debt collectors that are larger market participants. Established in 2013, CRC is evolving the debt collection paradigm by engaging stakeholders—including consumer advocates, Federal and State regulators, academic and industry thought leaders, creditors and debt collectors—and challenging them to move beyond talking points and focus on fashioning real-world solutions that actually improve the consumer experience. CRC’s collaborative and candid approach is unique in the market.  CRC is managed by The iA Institute.

On July 5, 2022, the Consumer Relations Consortium (CRC) submitted comments to the California Department of Financial Protection and Innovation (DFPI) regarding its proposed consumer complaint and inquiry regulations.  The proposed regulations seek to establish complaint filing processes for consumers as well as investigation, response, reporting, and tracking procedures for covered entities.

The CRC’s comments were prepared by Legal Advisory Board (LAB) members Joann Needleman and Leslie Bender of Clark Hill, and Brit Suttell of Barron and Newburger.

In its comments, the CRC asked the DFPI to modify its proposed regulation as follows: 

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• Require appropriate verification as a prerequisite to filing a complaint on behalf of a third party due to the growing number of credit repair and debt management companies that seek extensive information by filing generic and duplicate complaints.

• Provide clarification to the definition of “complaint” to make it clear that a dispute made pursuant to the Fair Credit Reporting Act (FCRA) is not a complaint. 

• Allow covered entities to seek proof of authority to act on a consumer’s behalf to prevent covered entities from exposing consumers’ sensitive data to third parties. 

• Automate and standardize the inquiry and complaint process, including reporting and retention requirements to include a web portal. Standardization will increase efficiency. 

The complete comment filed by the CRC can be found here. 

About the Consumer Relations Consortium

The Consumer Relations Consortium(CRC) is an organization comprised of more than 60 national companies representing the diverse ecosystem of debt collection including creditors, data/technology providers and compliance-oriented debt collectors that are larger market participants. Established in 2013, CRC is evolving the debt collection paradigm by engaging stakeholders—including consumer advocates, Federal and State regulators, academic and industry thought leaders, creditors and debt collectors—and challenging them to move beyond talking points and focus on fashioning real-world solutions that actually improve the consumer experience. CRC’s collaborative and candid approach is unique in the market.  CRC is managed by The iA Institute.

Show Notes:

In the last decade, the CFPB has tried to tackle the question of innovation through partnerships and No-Action Letters. First, there was Project Catalyst which resulted in very few collaborations and a small amount of No-Action Letters. Then there was the Office of Innovation which stood up the Compliance Assistance Sandbox which approved only 3 applications. Now the newly re-tooled Office of Competition and Innovation looks to continue these innovation partnerships but will it succeed? Nat Hoopes, VP and Head of Public Policy and Regulatory Affairs at Upstart stops by #creditecotogo to talk about the challenges of a regulatory partnership. While a No-Action Letter can offer a fintech or financial services entity an opportunity to “innovate in plain sight”, the time and available resources may not be attractive to many companies. For Upstart, the experience and collaboration with the CFPB was very positive but others may see that the juice is not worth the squeeze. 

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DISCLAIMER – No information contained in this Podcast or on this Website shall constitute financial, investment, legal and/or other professional advice and that no professional relationship of any kind is created between you and podcast host, the guests or Clark Hill PLC. You are urged to speak with your financial, investment, or legal advisors before making any investment or legal decisions.

CHESAPEAKE, Va. — Spring Oaks Capital continues to expand its team of industry leaders. Susan Richards recently joined the group, as Director of Business Development, to strengthen our Portfolio Acquisitions team lead by Keith Walch, Chief Acquisitions Officer. Susan has significant industry experience, particularly in sales and operations previously serving as COO for a national debt buyer.

“I’ve been in the industry for 30 plus years and haven’t seen this level of managed growth anywhere. Not only is the company growing but it’s doing it by attracting top talent,” stated Richards, “It’s clear why this company is considered one of the Top10 debt buyers in the industry.”

Marcelo Aita, Executive Chairman, added, “Sue is one of the most driven executives I’ve had the pleasure to work with over the years. Goal oriented and results driven but uniquely qualified for business development. She uses her operations background and industry expertise to help lenders through the debt sales process.”

Spring Oaks Capital is also excited to announce that it has hired Yardley Klinger as Compliance Manager. In this role, Yardley will be responsible for managing the portfolio due diligence process for the organization as well as overseeing regulatory examinations, licensing, and other compliance related matters. Yardley joins Spring Oaks Capital with extensive experience in several different areas of the debt purchasing space.

“I am very excited to join the compliance team at Spring Oaks Capital. I look forward to helping this company maintain its best-in-class compliance management system,” stated Ms. Klinger. Andrew Blady, Spring Oaks Capital’s General Counsel stated, “I had the pleasure of working with Yardley previously for several years. Her work ethic, talent, and experience is second to none. I am very excited to get a chance to work with her again at Spring Oaks Capital. Adding, “Yardley demonstrates our company’s continued commitment to superior compliance. We are very excited to have her on our team.”

About Spring Oaks Capital, LLC

Spring Oaks Capital is a national financial technology company, focused on the acquisition of credit portfolios. The Company subscribes to an employee and consumer-centric operating philosophy that creates high-value jobs, a significant performance lift, and the highest standards of compliance. Spring Oaks’ business strategy is rooted in innovative data-driven technology to maximize collection results and a contact platform that offers multi-channel options to meet each consumer’s communication preference. Spring Oaks has the management vision and experience to nurture a culture and DNA that is unique in the space. The executive team maintains deep experience end-to-end across the consumer finance lifecycle with some of the largest global banks and innovative FinTech platforms. To learn more about Spring Oaks and our revolutionary FinTech platform, please visit www.springoakscapital.com.

The New York Division of Financial Services (NY DFS) plans to focus on equitable access to banking and on fostering innovation in consumer financial services. That’s according to Adrienne A. Harris, the current superintendent of NY DFS, who spoke the recently at Fintech Nexus in New York City.

This could have big implications for lenders who seek to broaden their customer base or integrate virtual currency into their businesses.

The influential regulator is the preeminent regulator of virtual currency, and has an extreme breadth of regulation in New York. The agency has often been among the first state agencies to regulate digital banking and virtual currencies. Other state agencies tend to take their cues from the NY DFS, which is why it is so important for companies in financial servies to monitor the agency.

The agency “strive[s] to be a forward-looking, innovative regulator,” Harris said, emphasizing that the agency is focused on policy, process, and people, and that they aim to continue to keep New York “at the center of technological innovation.”

The agency is currently working to triple the size of its staff. According to Harris, this is in order to lead through “greater engagement and new policy.”

Here, according to Harris, is where the NY DFS will be focused:

Equitable Access to Banking

In early May, New York Governor Kathy Hochul signed legislation authorizing a study on underbanked communities, as well as legislation prohibiting banking organizations from issuing unsolicited mail-loan checks. Harris noted that increased equity is critical in banking and credit, and that the agency will be focused on ensuring New York is boosting consumer protections and bringing much-needed resources to consumers, as well.

Fostering a Positive Environment for Innovation

Harris recognizes that the regulatory approach to regulating innovation must be balanced, saying businesses and regulators “can’t approach either regulator or innovation as all good or all bad.” Harris explained that the NY DFS is funded by assessments, and because of that, they hope to provide a service to the industry, encouraging regulated entities to work “hand in hand” with their agency in order to create a better environment for consumers.

Collaborating with the Federal Regulators

Harris noted that federal regulators often turn to NY DFS, especially on the subject of virtual currencies. “There is a concern about a race to the bottom,” Harris explains. The federal regulators are concerned that states who do not implement regulations for virtual currencies and digital banking will attract more business than those that do, making consumers vulnerable to inconsistent or lax regulation. However, Harris said that we haven’t quite seen those fears come to fruition, since New York has some of the most rigorous regulation of virtual currencies, and about 46% of venture capital investments in 2021 in cryptocurrency was in New York.

As virtual currencies and digital banking become more prevalent, and as consumer protection becomes a central focus (particularly if we enter a recession) it will be critical for companies in financial services to pay attention to what is going on in New York.

San Francisco, Calif.  – LiveVox, Inc. (“LiveVox”), a leading cloud-based provider of customer service and digital engagement tools, has announced a new feature, called Human Text Initiator (HTI), as part of their U17 platform update.  HTI takes all the familiar and reliable features that LiveVox brought to outbound dialing with its Human Call Initiator (HCI®) functionality and delivers those same benefits to their SMS and MMS channels, allowing organizations to send out text messages at scale while helping to keep those campaigns in compliance with TCPA regulations and the CFPB’s Reg. F.  The new HTI functionality offers compliance-focused organizations a significant competitive advantage in reaching as many contacts as possible while reducing the risk of potential fines and lawsuits.

As organizations in the accounts receivable management space face a certain level of uncertainty in the market amid the implications of the TCPA regulations and the CFPB’s Reg. F for outbound engagement, HTI can be utilized to substantially mitigate compliance risks, such as those relating to wrong number lawsuits. With single-click, single-text activation for contact center agents as a part of LiveVox’s blended omnichannel, single pane of glass approach, HTI reduces the risk of compliance issues caused by multi-text applications. Use cases for HTI include, but are not limited to:

• Payment reminders
  
• Delinquency alerts
  
• Contact center volume deflection
  
• Letter replacement
  

“With the continued adoption and increased proliferation of smartphone usage in today’s digital environment, we developed HTI to ensure our customers are able to engage with consumers in a personalized, compliance-minded manner, on their channel of choice,” said LiveVox CEO and co-founder Louis Summe. “Just like we did with HCI, HTI allows contact center managers to develop customized SMS campaigns to deliver better digital customer experience and increase self-service capabilities while also remaining compliant in the face of increasing regulation.”

With HTI, now even organizations in highly regulated industries where TCPA and the CFPB’s Reg. F compliance is always a concern can use text messaging to provide better communication options and achieve significant cost savings. LiveVox customers are rapidly adopting digital messaging strategies to raise their competitive advantage and have already begun to see success with HTI, achieving a 90 percent read rate on texts sent through the system. There have also been increases in customer self-service rates and inbound voice traffic for payments-related issues.

Click here to learn more about HTI for compliance focused outbound SMS.

About LiveVox

LiveVox (Nasdaq: LVOX) is a next generation contact center platform that powers more than 14 billion omnichannel interactions a year. By seamlessly unifying blended omnichannel communications, CRM, AI, and WEM capabilities, the Company’s technology delivers exceptional agent and customer experiences, while helping to mitigate compliance risk. With 20 years of cloud experience and expertise, LiveVox’s CCaaS 2.0 platform is at the forefront of cloud contact center innovation. The Company has more than 650 global employees and is headquartered in San Francisco, with offices in Atlanta; Columbus; Denver; St. Louis; Medellin, Colombia; and Bangalore, India. To stay up to date with everything LiveVox, follow us at @LiveVox or visit livevox.com.

Forward-Looking Statements

This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Some of the forward-looking statements can be identified by the use of forward-looking words. Statements that are not historical in nature, including those containing the words “anticipate,” “expect,” “suggests,” “plan,” “believe,” “intend,” “estimates,” “targets,” “projects,” “should,” “could,” “would,” “may,” “will,” “forecast,” “opportunity” and other similar expressions are intended to identify forward-looking statements. All forward-looking statements are based upon management estimates and forecasts and reflect the views, assumptions, expectations, and opinions of the Company as of the date of this press release, and may include, without limitation, changes in general economic conditions, including as a result of COVID-19, all of which are accordingly subject to change. Any such estimates, assumptions, expectations, forecasts, views or opinions set forth in this press release constitute the Company’s judgments and should be regarded as indicative, preliminary and for illustrative purposes only. The forward-looking statements contained in this press release are subject to a number of factors, risks and uncertainties, some of which are not currently known to the Company, which may cause the Company’s actual results, performance or financial condition to be materially different from the expectations of future results, performance of financial condition. Important factors, among others, that may affect actual results are described in the Company’s filings with the Securities and Exchange Commission (“SEC”), including our Form 10-K filed with the SEC on March 11, 2022. Although forward-looking statements have been made in good faith and are based on assumptions that the Company believes to be reasonable, there is no assurance that the expected results will be achieved. The Company’s actual results may differ materially from the results discussed in forward-looking statements. Readers are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made. These forward-looking statements are made only as of the date hereof, and the Company does not undertake any obligations to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

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On June 28, the U.S. Chamber of Commerce (Chamber) launched a focused campaign to highlight what it describes as unlawful regulatory overreach by the Consumer Financial Protection Bureau (CFPB or Bureau) and, specifically, new CFPB Director Rohit Chopra. “At every turn,” writes Chamber Executive Vice President and Chief Counsel Daryl Joseffer, the CFPB is pushing an activist agenda “without advance public participation or approval. That is not the system Congress designed, nor one which our laws will tolerate.”

The Chamber’s campaign specifically objects to several alleged unlawful actions, including:

CFPB Policy Fellowship. The Chamber believes that this program circumvents civil-service laws and executive-branch guidance that prohibit preferential hiring and conflicts of interest.

Revisions to CFPB Rules of Practice for Adjudication Proceedings. The Chamber describes this as an impermissible expansion of the director’s powers in ways that undermine due process for defendant companies and violate the separation of powers.

Repeal of Its 2013 Decision Not to Publish a Final Decision or Order Establishing Supervisory Authority Over a Covered Person. This, the Chamber believes, violates the Administrative Procedure Act (APA) because the revised rule did not go through the required notice-and-comment process.

The CFPB Interpretative Rule Regarding State Attorneys General and the Consumer Financial Protection Act. This rule, the Chamber points out, is inconsistent with federal law and exceeds the Bureau’s authority.

Chopra also proposes outright bans on certain products and states his intention to restructure the industry, ultimately hurting consumers by limiting choice and diminishing competition.

As part of its campaign against the federal agency, the Chamber has submitted several Freedom of Information Act (FOIA) requests to the CFPB, including:

• Communications relating to the May 26 interpretive rule, titled “Authority of States to Enforce the Consumer Financial Protection Act of 2010.”

• All records regarding the legal basis, authority, and validity of the CFPB Policy Fellowship Program announced in 2021.

• Current CFPB procedures manual, operating manual, and similar or other document(s) setting out the CFPB’s rules or guidelines concerning procedures, practices, and internal operations.

• All records regarding Director Chopra’s determination that the board of the Federal Deposit Insurance Corporation could hold a vote without the consent of its chair.

• All records as to changes to the CFPB’s examination procedures published on March 16.

• All records regarding President Biden’s July 9, 2021 executive order on promoting competition in the American economy.

The Chamber believes this collection of documents lays out the questionable and unlawful plans of a governmental agency with little oversight and too much regulatory power.

“Director Chopra is attempting to use the CFPB to radically reshape the American financial services sector,” said Neil Bradley, executive vice president and chief policy officer at the U.S. Chamber of Commerce. “Rohit Chopra has an outsized view of the CFPB’s role and the Director’s power.”