The Consumer Financial Protection Bureau has a new director, and the Biden Administration has nominated a new Comptroller of the Currency. These two agencies regulate large swaths of financial services. With the appointments, the industry likely will see a change in both the kinds of regulations that will be promulgated and the tone of interactions with the regulators.
In the latest episode of the IPA Payments Pod, we talk with Brian Tate, the CEO of the Innovative Payments Association, about what these changes might mean and how the industry can prepare.
We expect that regulators will be looking more closely at the industry and will look for places where they think the previous administration’s agency heads were too lenient. The IPA will be watching the testimony of Rohit Chopra, the new head of the CFPB, in front of the House Financial Services Committee on October 27 and will let our members know what comes out of the meeting.
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