CFPB Head: Bad Actors Should Face More than Fines
Rohit Chopra said fines haven’t been enough of a deterrent and his agency could limit the ability of a bank or financial firm to conduct business if they violate the law.
Banking Regulators Take Stances on Unfair Discrimination
In the wake of the COVID-19 pandemic, consumer protection issues have risen as a key priority for federal banking regulators. And they’ve taken recent steps signaling a growing emphasis on addressing discrimination and abusive or deceptive practices.
CFPB Sues TransUnion for Violating Previous Agreement
The Consumer Financial Protection Bureau is suing TransUnion and one of its long-time executives alleging that the credit company completely “disregarded” a previous order from five years ago to stop selling dubious credit-related products and marketing.
McWilliams Resigns as FDIC Chairman in Surprise Move
Weeks after a conflict arose between the FDIC chairman and board members, FDIC Chairman Jelena McWilliams has announced her resignation.
McWilliams Calls FDIC Board Members’ Move a ‘Hostile Takeover’
The controversy over proposals to review bank merger regulations continues to play out publicly, with the FDIC’s Trump-apointed chair at odds with a group of board members aligned with the Biden administration.
Regulators Aren’t on Same Page with Bank Merger Review
A request seeking public comments about bank mergers that one government agency said had been approved by the Federal Deposit Insurance Corp. has come under dispute after the FDIC said the request had not been approved.
Tighter Lending Scrutiny Expected from New CFPB Head
The bureau has a new director who is likely to embrace an aggressive “watchdog” role, similar to how the agency operated under former President Barack Obama.
Biden Administration Brings New Slate of Financial Regulators
President Joseph R. Biden’s inauguration will usher in a new slate of financial regulators in 2021 with nominate cabinet and financial regulatory agency picks that will likely emphasize a more vigorous investor and consumer protection regulatory posture and tougher enforcement.
Biden Picks Warren, Ally for CFPB Head
President-elect Joe Biden has chosen Rohit Chopra to be the director of the Consumer Financial Protection Bureau, tapping a progressive ally of Sen. Elizabeth Warren to helm the agency whose creation she championed.
