CFPB Enforcement Action Developments and Trends
CFPB enforcement activity has already ramped up and the pace is expected to increase with Director Chopra now at the helm. We look at the areas expected to be the focus of intensified enforcement activity, such as military lending, fair lending, and treatment of LEP consumers, and new areas under consideration by CFPB enforcement staff, such as machine learning models, use of alternative data, and fair lending related to servicing and loss mitigation (particularly in light of the end of pandemic-related forbearances). Other issues discussed include the CFPB’s use of aiding and abetting liability to reach service providers and the implications of a recent 7th Circuit decision on judicial relief available to the CFPB.
Alan Kaplinsky, Ballard Spahr Senior Counsel, hosts the conversation, joined by Chris Willis, Co-Chair of Ballard Spahr’s Consumer Financial Services Group, James Kim, a partner in the Group, Sarah Reise, Of Counsel in the Group, and Sarah Pruett, an associate in the Group.
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