Junking Junk Fees (with Rohit Chopra)

Pitchfork Economics with Nick Hanauer

Civic Ventures

Business, Government, News, Politics

4.8 • 1.5K Ratings

🗓️ 14 May 2024

⏱️ 38 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

This week, Nick and Goldy sit down with Rohit Chopra, the Director of the Consumer Financial Protection Bureau, to explore the agency's efforts to lower financial costs for working Americans. From cracking down on credit card late fees to tackling medical debt on credit reports and regulating bank overdraft charges, Director Chopra sheds light on the CFPB's various initiatives to promote transparency and competition in financial products and services. Chopra argues that by advocating for consumer rights and protections, the CFPB is shaping a more equitable economic landscape for all Americans. UPDATE: This episode was recorded before yesterday’s breaking news that a Texas judge issued a last-minute order temporarily blocking the CFPB’s plan to cap credit card late fees. Find more information about the injunction, and the Chamber of Commerce’s case against the cap, here: https://www.cnn.com/2024/05/11/business/credit-card-late-fees-regulation-cfpb/index.html Rohit Chopra is the Director of the Consumer Financial Protection Bureau (CFPB), a federal agency dedicated to protecting consumers in the financial marketplace. Prior to leading the CFPB, he served as a Commissioner at the Federal Trade Commission, where he focused on promoting fair competition and protecting consumers from deceptive practices. Twitter: @chopracfpb, @CFPB Further reading: www.consumerfinance.gov Submit a complaint about a financial product or service CFPB Bans Excessive Credit Card Late Fees, Lowers Typical Fee from $32 to $8 Website: http://pitchforkeconomics.com Twitter: @PitchforkEcon Instagram: @pitchforkeconomics Nick’s twitter: @NickHanauer

Transcript

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0:00.0	Hey Pitchfork listeners, just a heads up that this episode was recorded before yesterday's news that a Texas judge has issued a last minute order temporarily blocking the plan to cap credit card late fees because, well, that's just what those corrupt Texas judges always do.
0:20.0	This isn't over yet, and we'll be following the case as it develops.
0:24.6	I hope you enjoy the show.
0:26.4	The rising inequality and growing political instability that we see today
0:32.0	are the direct result of decades of bad economic theory.
0:36.0	It's time to build our economy from the bottom up and from the middle out, not the top down.
0:41.0	Middle out economics is the answer.
0:44.0	Because Wall Street didn't build this country.
0:46.4	Great middle class built this country.
0:48.6	The more the middle class thrives,
0:50.7	the better the economy is for everyone, even rich people like me.
0:55.0	This is Pitch Fork Economics with Nick Hanauer, a podcast about how to build the economy from the middle out.
1:08.0	Welcome to cable television.
1:25.0	Well, I did not know that.
1:27.0	Do you want to know why?
1:28.0	Why?
1:29.0	Because they could never tell me what it would cost.
1:34.7	I found it so frustrating.
1:37.6	Every time I got some special offer,
1:39.8	oh, this package for $20 a month for the first six months and then regular pricing thereafter.
1:49.9	And not only couldn't they tell me what that regular pricing would be,
1:53.9	they couldn't tell me it was $20 a month or whatever it was,
	...

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