Preparing for CFPB Examinations and Enforcement Under the Biden Administration: What You Need to Know
As a result of Joe Biden’s election as President, the Consumer Financial Protection Bureau (CFPB) can be expected to undergo significant changes that are likely to have the effect of quickly returning the agency to the dominant and active role it had under the leadership of former Director Cordray. Acting Director Uejio has already made clear that the CFPB will not wait for the Senate’s confirmation of Rohit Chopra, President Biden’s nominee for Director, to start ramping up its supervisory and enforcement activity. In this webinar, we will discuss our expectations for supervisory and enforcement activity by the “new” CFPB and offer our thoughts on how companies should prepare for the expected changes.
Based on our knowledge and analysis of Mr. Chopra’s track record at the CFPB and as an FTC Commissioner, we will also take a deep dive into:
- Identifying what we believe the CFPB’s priorities and “hot button” issues will be under Mr. Chopra's leadership
- Products and services we expect the CFPB to focus on
- Industry practices most likely to draw scrutiny and suggested steps that companies can take to mitigate supervisory and enforcement risk
- The CFPB’s expectations with respect to the consumer protection provisions of the CARES Act, fair lending, fintech, credit reporting, student lending and servicing, mortgage lending and servicing, debt collection, small dollar lending, use of artificial intelligence and big data, auto finance, and military issues