Law Daily Report

US 'lurching towards a market structure' like China's: CFPB Director

  • 📰 YahooFinanceCA
  • ⏱ Reading Time:
  • 37 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 18%
  • Publisher: 63%

Law Law Headlines News

Law Law Latest News,Law Law Headlines

This week, the U.S. Supreme Court heard a case brought by groups representing payday lenders, who argue that the way the Consumer Financial Protection Bureau is funded is unconstitutional. Most of the justices seem skeptical of the claims, but a decision is not expected until next year. CFPB Director Rohit Chopra says the agency will continue to work while the case is being decided and that the U.S. Solicitor General gave a 'stellar argument.'  One of the big issues for the CFPB at the moment are big tech and payment systems. Chopra says 'the U.S. is really lurching towards a market structure that's more like we see in China. One that is fueled by a lot of surveillance and even censorship. One that actually mixes up banking payments with commercial activities.' Chopra adds that the U.S. has a history of 'trying to separate banks from the real economy, so that they are supporting other businesses, not steering towards those businesses.' Chopra points to big tech businesses trying to create their own currencies as a one way the tradition is being upended. Chopra also stressed the need to make sure that these systems are not 'trafficking fraud' and how regulators need to take a close look at stablecoins.  For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.

This week, the U.S. Supreme Court heard a case brought by groups representing payday lenders, who argue that the way the Consumer Financial Protection Bureau is funded is unconstitutional. Most of the justices seem skeptical of the claims, but a decision is not expected until next year. CFPB Director Rohit Chopra says the agency will continue to work while the case is being decided and that the U.S. Solicitor General gave a"stellar argument.

Meghan Markle and Prince Harry's daughter Lilibet Diana made a rare appearance in their Netflix series Harry & Meghan, wearing a super cute ponytail - see rare photoAlissa McCommon, 38, allegedly told a victim in a taped phone call, "When [the baby] comes out looking like you, we don’t have to talk anymore," prosecutors allegeRated lowest margin fees by StockBrokers.com. Borrow against your securities at low cost. Rates subject to change. Your capital is at risk.

It Seems Like Travis Kelce's Ex Isn't Happy About Brittany Mahomes' New Friendship With Taylor Swift. Here's Why. Kim Kardashian Says Her ‘Whole Butt’ Was Exposed After She Ripped Her Latex Pants: ‘I Just Was Dying Inside’

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 47. in LAW

Law Law Latest News, Law Law Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Payday Lenders Get Their Asses Handed To Them During Anti-CFPB Supreme Court ArgumentsThe case to dismantle the CFPB ran into a hammer from the three liberal justices and marked skepticism from at least two of the conservatives.
Source: HuffPostCanada - 🏆 61. / 53 Read more »

Warren 'takes heart' from Supreme Court skepticism of CFPB funding challengeSenator Elizabeth Warren told Yahoo Finance Wednesday that if the CFPB's funding structure is nullified, it would 'touch the lives of everybody in this country.'
Source: YahooFinanceCA - 🏆 47. / 63 Read more »