Effective April 1 the CFPB rescinded its exercise of supervisory and enforcement discretion during the pandemic and announced its intent to carry out its supervisory and enforcement authority consistent with the statutory purpose and objectives of the Bureau.  Furthermore, when conducting exams and other supervisory activities, the Bureau would consider the circumstances banks might have […]

The following comments are extracted from a press release describing remarks made by Rohit Chopra at his confirmation hearing. “President Joe Biden’s CFPB nominee Rohit Chopra said the agency will have a much more aggressive enforcement unit in areas such as fair lending and mortgage servicing if he wins Senate confirmation to the post.” “Chopra […]

In late January the CFPB announced that Rohit Chopra was being nominated to replace Kathy Kraninger as Director of the CFPB.  In the interim between that announcement and today, an Acting Assistant Director, Dave Ueijo, has been appointed.  In his memo to the CFPB staff Ueijo made several comments that compliance officers should be aware […]