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Biden’s CFPB wants to hear how consumers would reform bank, lending rules

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Rohit Chopra, director of the Consumer Financial Protection Bureau.

David Ryder/Bloomberg via Getty Images

The Biden administration is trying to empower consumers to help rewrite the rules governing how banks, lenders and other financial institutions can treat customers.

The Consumer Financial Protection Bureau — a federal agency created in the wake of the 2008 financial crisis — said Wednesday it will let the public submit a rule-making petition directly to the agency.

The Dodd-Frank Act, signed in July 2010, established the watchdog to protect consumers from unfair, abusive and deceptive financial practices — a response to the risky loans that tipped the U.S. into a deep…



Source cnbc.com

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