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U.S. consumer watchdog eyeing Big Tech, lending competition as recovery unfolds

by Mike Robinson

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© Reuters. FILE PHOTO – Signage seen at Washington, D.C., U.S.A, Consumer Financial Protection Bureau (CFPB), August 29, 2020. REUTERS/Andrew Kelly

WASHINGTON, (Reuters) – Rohit Chopra will inform lawmakers Wednesday about the U.S. Consumer Financial Protection Bureau. According to prepared testimony, the agency’s mission is to reduce foreclosures among homeowners.

Chopra presented an ambitious agenda to the House Financial Services Panel. He will oversee anticompetitive practice monitoring and ensure “greater competition intensity” in consumer lending.

As it increases its control over money flows, the agency will increase enforcement of firms who repeatedly break consumer finance laws.

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