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The inauguration of US President Joe Biden on January 20, 2021, marked the beginning of what will surely be a major transition across the US legislative and regulatory landscape including the laws and regulations governing financial services firms in the United States. Some of those changes have already been felt, while others including the appointment and Senate confirmation of key regulators will unfold over the coming weeks, months, and years. In this piece, we identify several of the most pressing financial regulatory issues facing the new administration from controversial rulemakings to new legislative priorities and policy initiatives to the management of the ongoing COVID-19 pandemic and provide our thoughts on what financial services firms and other stakeholders might expect going forward.
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Shortly after the inauguration of President Joe Biden on January 20, former Consumer Financial Protection Bureau (CFPB or Bureau) Director Kathleen Kraninger submitted her resignation. Soon after that, the president announced that he had appointed David Uejio, a veteran CFPB official who most recently served as the Bureau’s chief strategy officer, to serve as acting director until the Senate confirms Rohit Chopra, his nominee for director.
In the short time since the inauguration, the Bureau has released guidance to assist military families manage their finances during and after the pandemic; to individuals choosing or being forced, due to the pandemic, to retire; and on current loan and housing protection measures. In addition, Acting Director Uejio has been meeting with the staff of the Bureau’s divisions, and has both conveyed his broad vision for the Bureau in the coming months as well as directed key Bureau divis
4 Lessons From the CFPB s Supervisory Highlights Covid-19 Edition Published on: 10 February 2021 at 12:00 p.m. ET Feb. 10, 2021, noon Feb. 10, 2021, 8:56 a.m. insideARM.com The iA Institute
http://www.insidearm.com/news/00047054-supervisory-highlights-special-covid-19-e/
Covid created a need for the Bureau to measure and monitor real-time activity in a rapidly changing marketplace. The Bureau filled that need by initiating a new supervisory approach for gathering real-time information called Prioritized Assessments, which are “higher-level,” targeted inquires to companies perceived to have a greater potential for exposing consumers to risk due to the pandemic. Prioritized Assessments enabled the Bureau to obtain a lot of information from a wide range of entities quickly.
As we recently noted, the CFPB released the 23rd issue of its Supervisory Highlights report, focusing on COVID-19 prioritized assessments. In the report, the CFPB identified small.
CFPB s Acting Director Uejio Sends Message to SEFL Staff, Signaling Changes to Come Published on: 29 January 2021 at 03:31 p.m. ET Jan. 29, 2021, 3:31 p.m. Feb. 5, 2021, 9:23 a.m. insideARM.com The iA Institute
http://www.insidearm.com/news/00047027-cfpbs-new-cop-beat/
Yesterday, Consumer Financial Protection Bureau Acting Director Dave Uejio sent a note to employees in the Supervision, Enforcement, and Fair Lending (SEFL) division to communicate that there would be new priorities and a new vision of consumer protection coming soon. Here is the full text of the letter:
Hello all,
I am following up on my initial email reflecting the new priorities and focus of the CFPB. In particular, I would like to convey my broad vision for SEFL in the coming months.