Chopra calls on Congress to reform deposit insurance

News: The director of the Consumer Financial Protection Bureau said he believes it’s time for Congress to commit to reforming the federal deposit insurance system, pointing to a bank failure in Oklahoma in October where some customers are expected to incur losses.

Director Rohit Chopra called for deposit insurance reform at a closed-door meeting of the Federal Deposit Insurance Corp. board last week, according to a readout first published this morning. Chopra said the status quo was “fundamentally unfair” for smaller borrowers.