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☆ Student-loan companies that don't do their jobs should be fired, Elizabeth Warren says. Her next target is one that manages 8 million borrowers.
▼ + stars: | 2024-09-22 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +6 min

For nearly a decade, Massachusetts Sen. Elizabeth Warren has been working to enforce oversight over Navient, a major student-loan company. Warren and some of her Democratic colleagues were concerned that the company was not properly managing student-loan borrowers' payment options, causing them to accumulate unaffordable student debt. However, it released an accountability framework in December that outlined enforcement actions it would take should servicers harm borrowers, including fining servicers and transferring borrowers to better-performing servicers. For example, MOHELA was the first servicer to be hit with a $7 million fine last October for failing to send on-time billing statements to over 2 million borrowers. Terminate MOHELA's contract and put loan services on notice: we will not tolerate your negligence and exploitation; we will not let you profiteer off vulnerable student borrowers."

Persons: Massachusetts Sen, Elizabeth Warren, Rohit Chopra, Warren, We've, Navient, Chopra, there's, Jim Clyburn, Miguel Cardona, MOHELA, fining, servicers, Ayanna Pressley, we've, who've Organizations: Service, Warren, Democratic, Consumer Financial Protection, Navient, Business, Education Department, BI, Sec, The Education Department Locations: Massachusetts, CFPB

☆ Federal agency: Student loan company errors could 'pose serious risks' to borrowers, the economy
▼ + stars: | 2024-01-05 | by ( Annie Nova | ) www.cnbc.com time to read: +2 min

Rohit Chopra, director of the Consumer Financial Protection Bureau, speaks during a Senate Banking, Housing, and Urban Affairs Committee hearing in Washington, D.C., Dec. 15, 2022. When student loan servicers make errors by cutting corners or sidestepping the law, it can "pose serious risks to individuals and the economy," said Consumer Financial Protection Bureau Director Rohit Chopra. Borrowers experienced long phone hold times with their servicers, significant delays in the processing of their repayment applications, and inaccurate and untimely billing statements, the bureau found. The U.S. Department of Education announced Friday that it would withhold payments to three student loan servicers as part of its efforts to hold the companies accountable. "Today's actions make clear that the Biden-Harris Administration will not give student loan servicers a free pass for poor performance and missteps that jeopardize borrowers," Secretary of Education Miguel Cardona said in a statement.

Persons: Rohit Chopra, servicers, Mark Kantrowitz, Harris, Education Miguel Cardona Organizations: Consumer Financial Protection Bureau, Banking, Housing, Urban Affairs Committee, Washington , D.C, Financial, U.S . Department of Education, Finance, Biden, Harris Administration, Education Locations: Washington ,, EdFinancial, Nelnet

☆ US consumer watchdog warns payment systems risk Chinese-style surveillance
▼ + stars: | 2023-10-06 | by ( ) www.reuters.com time to read: +2 min

Signage is seen at the Consumer Financial Protection Bureau (CFPB) headquarters in Washington, D.C., U.S., May 14, 2021. REUTERS/Andrew Kelly/File Photo Acquire Licensing RightsCompanies Consumer Financial Protection Bureau FollowOct 6 (Reuters) - The top U.S. agency for consumer financial protection is considering regulatory moves to help protect the public from the kind of excessive surveillance of their financial data enabled by payment structures in China, its director said on Friday. This will involve ordering some large U.S. tech firms to provide information on their use of personal data and private currencies, Rohit Chopra, director of the U.S. Consumer Financial Protection Bureau (CFPB), said in a speech. "It's critically important for American consumers to have stronger protections against excessive surveillance and misuse of our data," Chopra said in a speech at the Brookings Institution in Washington. The Consumer Financial Protection Bureau's "open banking" proposal is expected to give consumers the ability to switch service providers more easily and control how financial tech service providers collect consumer data.

Persons: Andrew Kelly, Rohit Chopra, Chopra, Chopra's, Douglas Gillison, Chizu Nomiyama, Bill Berkrot Organizations: Consumer Financial Protection Bureau, Washington , D.C, REUTERS, Consumer Financial, U.S, U.S . Consumer Financial Protection Bureau, Brookings Institution, Consumer, Thomson Locations: Washington ,, China, Washington

The Indian eventually won the Asiad gold thanks to getting 88.88 metres on his fourth registered effort. Soon Chopra went over to speak to them to protest because he knew his was a "good throw". "I fight (protest my case) with them because it was a good throw. And I asked them what happened, what happened? "So I was a little disappointed because it was a good throw, and there was a good wind behind me as well."

Persons: India's Neeraj Chopra, India's Kishore Kumar Jena, Japan's Roderick Genki Dean, Neeraj Chopra, Kishore Jena, Chopra, I'm, Klaus Bartonietz, “, Bartonietz, It's, ”, Wu Yanni, Martin Quin Pollard Organizations: Olympic Sports Centre, Hangzhou Asian, Olympic, Indian, Games, Thomson Locations: Hangzhou, China, HANGZHOU

U.S. Vice President Kamala Harris attends the 11th ASEAN-U.S. YASUYOSHI CHIBA/Pool via REUTERS/File photo Acquire Licensing RightsSept 21 (Reuters) - The Biden administration on Thursday announced plans to remove medical bills from Americans' credit reports in a push to end what it called coercive debt collection tactics that affect millions of consumers. Harris told reporters that more than 100 million Americans had unpaid medical debt. For instance, 27% of Black households hold medical debt compared with 16.8% of non-Black households. According to the CFPB, the Fair Credit Reporting Act restricts the use of medical information in credit decisions and credit reports.

Persons: Kamala Harris, YASUYOSHI, Biden, Rohit Chopra, Harris, CFPB, Andrea Shalal, Douglas Gillison, Leslie Adler, Marguerita Choy Organizations: ASEAN, U.S, Summit, ASEAN Summit, Consumer Financial Protection Bureau, Brookings Institution, Thomson Locations: Jakarta, Indonesia

☆ Junk fees, medical debt and artificial intelligence: CFPB chief lays out regulatory agenda
▼ + stars: | 2023-07-20 | by ( Chelsey Cox | ) www.cnbc.com time to read: +5 min

Medical debtChopra said that tens of millions of Americans are battling medical debt. The crisis is compounded by debt collectors that add medical debt to credit reports as a means of coercion. The agency's crackdown on junk fees has prompted some policy changes at big banks, he added. "Many of them are getting rid of their reliance on junk fees and making their fees much more reasonable," Chopra said. Rep. Blaine Luetkemeyer, R-Mo., has said the CFPB has "no authority" on the issue because junk fees is not a legal term.

Persons: Rohit Chopra, Tom Williams, Andy Barr, Chopra, servicers, We're, Experian, Blaine Luetkemeyer, Luetkemeyer Organizations: Consumer Financial Protection, Banking, Housing, Urban Affairs, Cq, Inc, Getty, Consumer Financial, Bureau, Federal Reserve, Governors, CNBC, Education Department, U.S, Kaiser Family Foundation, Bank of America, Biden, GOP, Rep, Financial Services Locations: Ky

☆ US consumer watchdog warns no more 'rubber stamp' for bank mergers
▼ + stars: | 2023-07-20 | by ( Douglas Gillison | ) www.reuters.com time to read: +3 min

Bank executives, meanwhile, complain that regulators' foot-dragging and uncertainty caused by looming regulatory reforms have depressed merger activity among healthy banks to historic lows. That drew the ire of Democratic Senator Elizabeth Warren, who helped create the CFPB and backed Chopra for the director role. Chopra called in May for the FDIC to adopt changes to bank merger guidelines. He declined to discuss possible changes but said the approval process was already evolving, citing a review of bank merger guidelines undertaken in 2022. Reporting by Douglas Gillison; Editing by Michelle Price and Jamie FreedOur Standards: The Thomson Reuters Trust Principles.

Persons: Rohit Chopra, Banks, Chopra, Janet Yellen, Michael Hsu, JPMorgan Chase, Elizabeth Warren, Douglas Gillison, Michelle Price, Jamie Freed Organizations: Consumer Financial Protection Bureau, Reuters, Federal Deposit Insurance Corporation, Bank, JPMorgan, Democratic Party, First, FDIC, Bank of America, Thomson Locations: First Republic, Wells Fargo

☆ Deepak Chopra on the power of yoga
▼ + stars: | 2023-06-29 | by ( Tania Bryer | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailDeepak Chopra on the power of yogaDeepak Chopra's 93rd book is an investigation into yoga. Here he tells CNBC's Tania Bryer that yoga is much more than just an exercise.

Persons: Deepak Chopra, Deepak Chopra's, CNBC's Tania Bryer

☆ 'How can I have the most joyful day?': Here's what Deepak Chopra does every morning for optimal mental, physical health
▼ + stars: | 2023-06-10 | by ( Renée Onque | ) www.cnbc.com time to read: +2 min

Here's what the wellness guru does each morning to maintain his mental and physical health. Every morning, Chopra blocks off the hours of 6 a.m. to 9 a.m. to prioritize the routine. Two to three cups of coffee before noonLike many people, coffee is a huge part of Chopra's morning routine. "The latest research on coffee shows it mitigates against five types of cancer," Chopra tells CNBC Make It. However, associations with cancer overall or with specific types of cancer are unclear," according to the American Cancer Society.

Persons: Chopra, Deepak Chopra, Rita Organizations: Institute for Integrative Nutrition, CNBC, New York Times, American Cancer Society, Alzheimer's Society

☆ A US debt default could spike borrowing costs like credit cards and mortgages, and 'every family should be concerned' says a consumer watchdog
▼ + stars: | 2023-05-15 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

A US debt default could spike borrowing costs and should concern everyone, a consumer watchdog says. Democrats and Republicans have remained locked in an impasse over raising the $31.4 trillion debt ceiling. Every family should be concerned," Chopra told CNN. The debt ceiling impasse has even elicited some Hail Mary pass solutions. "The closer you get to it, you will have panic," Dimon told Bloomberg.

☆ Credit card companies need to explain the 'exorbitant' late fees they're charging customers, says Elizabeth Warren
▼ + stars: | 2023-05-09 | by ( Ethan Dodd | ) www.businessinsider.com time to read: +6 min

Sen. Elizabeth Warren wants to know if credit card companies stand with the banks. Currently, credit card companies are permitted to fine consumers up to $41 for each missed credit card payment — no questions asked. The other nine credit card companies Warren sent the letter to did not immediately reply to a request for comment. She wanted to know why reducing credit card late fees would be any different. Warren also asked each credit card company to answer how much money they collect in credit card fees each year — and the proportion from low-income earners — and the actual cost of collecting those fees.

☆ Richardson storms to 100m win in Diamond League, Kerley wins 200m
▼ + stars: | 2023-05-05 | by ( ) www.reuters.com time to read: +4 min

"Like I said it before, I had to be kicked out from another 100 metres race, so I had to do my best no matter what. I am really happy with my race, third place is a good start and the time is decent," she said. "I feel really good, today was challenging for all athletes but I'm still satisfied with my result," Chopra said. The Czech Republic's Jakub Vadlejch, who won silver in Tokyo, finished second again -- four centimetres shy of Chopra's mark. "It was an exciting race but a little bit windy, so I decided to not push too much and just focus on winning the race," Kipyegon said.

☆ This is the secret to a long and healthy marriage, says Deepak Chopra: 'Your relationship will thrive forever'
▼ + stars: | 2023-05-03 | by ( Aditi Shrikant | ) www.cnbc.com time to read: 1 min

Deepak Chopra's expertise spans a wide range of physical and mental topics: mediation, nutrition, mindfulness, and, now, psychedelics. But Chopra, 76, also has some acute insights on marriage. His secret to a long marriage? "I have only one tip for healthy, long term relationships," he says. Give up being right and your relationship will thrive forever."

March 28 (Reuters) - The recent failures of mid-size U.S. lenders show the need for more robust risk management at banks and fintechs, along with improved regulation, the head of the top consumer financial watchdog agency said on Tuesday. Consumer Financial Protection Bureau Director Rohit Chopra told a gathering of retail bankers in Las Vegas that regulators were looking at liquidity, interest-rate risk management, capital frameworks, resolution planning and stress testing. "It will be good for the industry to have some honest conversations with itself about what is the way for the regulatory framework to not create this type of risk," Chopra said. As head of the CFPB, Chopra also sits on the board of the Federal Deposit Insurance Corporation, which took over failed Silicon Valley Bank earlier this month. He also serves on the Financial Stability Oversight Council, created in the wake of the 2008 crash.

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