chopra once again is way beyond his bounds which is why this agency needs to go away permanently. i yield. >> the gentleman from illinois is recognize. >> thank you, mr. chairman, to witnesses. mr. odinet come in your test what you don't many of the friends we expect to be covered of the larger participants role our large non-tech bank friends. and as a slice of benefit from the mass collection of consumer data. typically we think of this through the lens of marketing usually insights from interactions with your favorite search engine associated out to shape targeted efforts that are more likely to get you to buy something or others have relationships with third parties also access to consumers information. as you note large payment providers have access to a very valuable trove of finance information about their users that can show how much they spend, where they spent it and how they manage their finances. now, i mentioned most consumers would deem that sensitive information. what are some of the risks of non-bank financial firms having access to that sort of information and wha

cfpb director chopra spoke to cbs news in an exclusive interview.ular platforms already have rules and standards that they've set in place for themselves shouchlt this any different? >> well we want to be clear that you don't have to jump through all of the hoops that some of these companies have set up. just like a credit card, you can dispute an issue directly with the lender. it is a fundamental right. >> reporter: the newly applied role will affect popular lenders like after pay, affirm, klarna, and apple, who typically offer customers different payment options, including four interest-free installments over six weeks. >> early on buy now, pay later was to purchase beauty products and apparel online. but now you see a buy now, pay later option almost everywhere. >> reporter: according to bank rate, half of shoppers 25 to 44 use buy now, pay later and it could drive as much as $84 billion in spending this year, which could be a 13% jump compared to 2023. >> ultimately, you should only borrow when you know you'll be able to pay it back, and that i

let's bring in the consumer financial protection bureau director chopra. thank you for being here. broad strokes. give us more granularity on how your proposed regulations would protect consumers. >> we saw during the pandemic of that by now pay later moved 10fold during that period and it is a part of every day e-commerce. we see it online and in stores, people are even using it for necessities. we want to make sure when consumers are using this product they are also protected from scams and abuse. that is why we have put into place real clarity about how buy now pay later should follow the law. that means when there's a dispute, the consumer can raise their hand and ask that it be investigated or when they return a product, the refund can be processed, so much of this is common sense. this is good for consumers but also good for buy now pay later companies because it is a way they can build more trust in their product. liz: you announced it recently, there are 60 days before they adhere to this. is that fair? does that give them enough time? i am not saying everything. we had the

letters to director chopra. january 30th to director chopra from chairman mchenry, myself and mr. flood and a letter dated january 15th from democratic members mr. andic, et al. stated january 5th. without objection they will be included in our record. and now we turn to the ranking member mr. lynch from massachusetts for five minutes. >> that you, mr. chair, and again thank the witnesses. professor, i was here when we created the cfpb. i was here during that debate and the goal here and the statutory direction of the cfpb, we were trying to provide a single point of accountability for enforcing financial consumer financial laws and protecting consumers in the financial marketplace. why would-- why would this proposed rule be outside of the regulatory framework that we set up for the cfpb? this is exactly in my mind, this is exactly what we created the cfpb for. we understood even back then, not that long ago, that technology was changing. we understood that. so we didn't, we didn't put limitations on technology for the cfpb. we said protect consumers in the financial marketplace.

chopra once again is way beyond his bounds which is why the agency needs to go away. permanently. i yield. >> the gentleman from illinois is recognized. >> thank you, mr. chair and to our witnesses. professor odinet, you mentioned many of the firms we expect to be covered are large non-bank tech firms. and with those that benefit from the mass collection of consumer data. we typically think of this through the lens of marketing usually insights from interactions with your favorite search engine or social media app or advertisements. and more likely to get you to buy something. others have relationships with their parties who may also have access to consumer information. as you note large payment providers have access to a very valuable trove of financial information about their users that can show how much they spend, where they spend it, and how they manage their finances. now, i would imagine most consumers deem that sensitive information. what are some of the risks of non-bank financial terms having access to that information? and what safeguards are missing? >> as i mentioned

cfpb director rohit chopra spoke to cbs news in an exclusive interview. >> you don't have to jump throughat some of these companies have set up. >> reporter: half of shoppers 25 to 44 say they have used buy now, pay later. also buying in, hundreds of thousands of merchants, including walmart, target, and amazon. how worried are you that lower-income groups and minorities have been adversely impacted by buy now, pay later? >> typically, with new forms f credit, it usually is those who are living paycheck to paycheck who often feel the brunt when things go wrong. >> reporter: both klarna and affirm say they already offer shoppers the protections the cfpb is mandating, but klarna added, it was baffling to be put in the same category as credit cards. >> we want to make sure that buy now, pay later lending doesn't turn into a big financial headache for families in the country. >> reporter: this rule goes into effect in 60 days, but unlike credit cards, buy now, pay later loans are not often reported to credit bureaus, so you can't always tell how much debt someone has taken on. but that is som

you and chopra and gruenberg tried to do something with this bank merger situation. shame on you guys. you have become the michael cohen of the fdic. and you need to go. if you have the decency, please step down. if not, i would urge the president of the united states to replace you asap. with that, mr. chairman, i yield back. >> the gentleman yields back. the gentleman from illinois, mrr five minutes. mr. foster: thank you, mr. chairman. last friday the fsoc issued a report on nonbank mortgage servicing. in your statement following your vote to approve that report, you stated that the report identifies important financial stability concerns that need to be addressed by congress. the press release notes that nonbank mortgage companies originated approximately 2/3 of mortgages in the united states and owned servicing rates on 54%. i came in in march of 2008. so i spent a lot of the first years cleaning up the mess of an underregulated mortgage industry and the damage it did to families in america. this note reports the benefits of this trend, such as supporting lendin

chief technology officer aneesh chopra joins us live.y safety team. stay tuned. you're watching "squawk box" and this is cnbc. it's time to feed the dogs real food in the right amount. a healthy weight can help dogs live a longer and happier life. the farmer's dog makes weight management easy with fresh food pre-portioned for your dog's needs. it's an idea whose time has come. >>> two leaders of an important safety team at open ai left the company last week. that effectively dismantled the so-called super alignment group which was focused on the long-term risks of artificial intelligence. posting on "x," one of those leaders said, "building smarter-than-human machines is an inherently dangerous endeavor. openai is shouldering an enormous responsibility on behalf of all of humanity. but over the past years, safety culture and processes have taken a backseat to shiny products." joining us right now to talk more about ai safety and types of guardrails that might be needed is aneesh chopra. he's the former white house chief technology office

cfpb director rohit chopra joins us this morning. director, thanks for being here today. for the cfpb, if congress, or if the supreme court had ruled against you in this issue. it would have brought questions about every rulemaking you've had. every enforcement you've had since the bureau was first created 13 years ago. how are you feeling today? >> well, a lot of relief. if this went the wrong way, we could have seen quite a bit of turbulence in so many markets. you know, our financial markets depend on clarity, and that's really what we are trying to provide, as well as some accountability for those who violate the law and take advantage of consumers. so we see this as a big victory and sigh of relief for all the people who depend on that. >> let me tell you what a couple of the groups that have been kind of pushing back and fighting against you over the years have said. the american financial services association says, while there may be cfpb staff breathing a sigh of relief over the ruling the supreme court decision does nothing to bring clarity or transparency for co

he also said that one of the people who was on the chopra that prayer leader of tabriz, the cleric that he survived for at least three hours after those choppers came down. and managed to communicate with the folks who had been in those other toppers. but of course, in the end it took a very long time to find the crash site and all of the people who were on the president's chopper were killed. so some new details coming out, but i can tell you from here today, this was a huge morning, sarah ceremony that took place, obviously something where the government wants people actively to be involved in all of this, this entire city is plastered full of billboards with the likenesses of those who were killed in that crash. of course, first and foremost, the iranian president ebrahim raisi, but also the foreign minister hossein amir abdollahian and ebrahim raisi himself will be laid to rest tomorrow in his hometown of mug shot, john i know there are clear concerns about stability and continuity there. frederik pleitgen in tehran for us this morning for a great to see you. thank you very much a n

competing hearing cats are for the latest on the lead meeting. among them is indian superstar near edge chopra, the olympic world and asian javelin check in made a seasoned a view in cots, are you only finish 2nd missing out on the wind by just 2 centimeters. jacob vad lynch. it took the victory was a great performance by brazil's allison del santo, as he smashed the meeting record and 400 hurdles, winning and 46.86 seconds, which is the 5th, fastest time in history, the messy your thoughts are welcome to kind of fed the rag send out a strong message to his olympic rivals, the american one, the 200 meters and a personal best and world leading time of 19.67 seconds. he's looking to go one better in paris after taking silver in tokyo. of getting heads up harris and for the 1st time and olympic history, some winners will take home more than just a gold metal track. and field champions will receive a cash prize as well. and the richardson reports and at least the intensity to every events on the global athletics calendar. don't, don't even lead, unimportant steps on the weights. the powers games w

priyanka chopra, showing how strong she is literally. look at this a little squat session. celebrated her favorite moments as an on screen mom. featuring green screen grabs from freaky friday, halloween and the bear. plus, mandy moore shared the love for her big three kids from "this is us." and her cute baby alert, her real-life little guy gus and ozzie. happy mother's day to all of yot out there. >> nice. >>> straight ahead, kids, we are kicking out our best of broadway week with angelina jolie and the cast of the musical "the outsiders." but, first, this is "today" on nbc. >> i want this, i'm here to win. >> beautiful. ♪ >>> happy graduation. hey, everybody. welcome in. it's 8:30. it's a monday morning, may 13th, 2024. look at these happy faces on the plaza. it's good to see everybody here. look at al, making his moves. you guys, one of the reasons that this place is bumping today is because we are here with the 12-time tony-nominated cast of the new broadway hit "the outsiders." in just a moment, they will perform live for us. yes, we will also talk to the show's produc