CFPB Chief Warns Overturning Agency's Funding Could Hurt Consumers; Eyes Tech Firms' Payments
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Chopra says financial markets are better off with CFPB, warns overturning its funding could cause "headaches" for consumers.
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CFPB focused on ensuring payment system is fair, warns of "lurching" toward China-style Big Tech dominance.
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CFPB examining tech firms operating consumer payments, planning rules on open banking and data rights.
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On bank capital requirements, Chopra says can't have system where banks get all the winnings but taxpayers hold the bag.
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Chopra says will closely examine coming stablecoin from PayPal given past issues with compliance.