Rohit Chopra, director of the Consumer Financial Protection Bureau, warned about the effects of large deals on competition and financial stability. His own agency has also been sharpening its focus on segments of the credit card industry including subprime, cashback and third-party rewards.
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US consumer finance watchdog raises alarm over credit card megadeals
“There has been a shift in thinking in Washington about bank mergers. There really is no more rubber stamp,” said Chopra, an ardent consumer champion and progressive official who also supported tougher enforcement and rulemaking as an antitrust regulator at the Federal Trade Commission.
