Bloomberg News
Rohit Chopra, the director of the Consumer Financial Protection Bureau, will be giving banks a big lump of coal this Christmas by proposing to eliminate billions in overdraft revenue and credit card late fees.
The top consumer regulator has a dozen rules on its docket and plans to kick off 2024 by issuing final rules in January on overdraft fees, insufficient funds fees and credit card late fees.
Chopra has already taken a big bite out of corporate profits by prodding the top banks to scale back their approach to fees generally. But 2024 also will be the year that Chopra advances a tougher approach to technology aimed at protecting consumers’ data privacy rights. The CFPB has rules in the works next year that would rein in data brokers and data aggregators while also subjecting the largest payments firms to the bureau’s supervision.
Consumers and lawmakers have repeatedly called for common-sense guardrails around personal financial data that gives consumers more control. Toward that end, Chopra wants to restrict what financial data can be bought and sold. With Big Tech firms morphing into payments giants, the CFPB also plans to issue a rule that would subject Amazon, Apple, Google and others to supervision as it examines the ways in which companies monetize data that may unfairly impact consumers.
Here are five of the most important rulemakings the CFPB will issue in 2024:
