CFPB Director Defends Agency's Funding and Warns of Financial Data Monetization

Rohit Chopra addresses Senate Banking Committee on CFPB's legality and the risks of financial surveillance by major firms.

Chopra asserts CFPB's funding structure is lawful despite new Republican criticisms.
Sen. John Kennedy questions CFPB's legality based on Federal Reserve's earnings status.
Chopra highlights concerns over monetization of consumer financial data by companies like PayPal and JPMorgan.
CFPB aims to finalize open banking rules and remove medical debt from credit reports.
Chopra warns of potential financial instability from AI and non-bank financial firms.