Rohit Chopra pleads fifth on QM rule

Director of CFPB Rohit Chopra

Consumer Financial Protection Bureau Director Rohit Chopra, in his first report to Congress, responded to the decisions taken by his predecessor and gave some indication of his priorities for the future.

Lawmakers asked Chopra about the deferral of the qualified mortgage rule and how he prioritizes the areas of application. Chopra’s priority is mortgage management, monitoring the mortgage market and ensuring that “businesses cannot dodge fair lending laws and anti-discrimination laws under the guise of their secret algorithm,” he said. -he declares.

“I am very worried about black box algorithms that have no responsibility for how decisions are made,” Chopra told the House Financial Services Committee.

It is unclear exactly how Chopra’s concerns about algorithmic transparency will be factored into the increased supervisory and enforcement activity in the mortgage industry.

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