In a recent webinar, former Consumer Financial Protection Bureau (CFPB) Director Richard Cordray and others gave us a little bit of insight into the agenda for Acting CFPB Director Uejio and Mr. Chopra, President Biden’s nominee for Director of the CFPB. The panel expects the new directors to follow a path similar to Mr. Cordray’s agency agenda. The insight is based on Mr. Uejio and Mr. Chopra’s past work experience and published documents/statements on specific consumer lending subjects. Both Mr. Uejio and Mr. Chopra worked for the CFPB when Mr. Cordray was the Director.
The following topics of will most likely be the focus:
- consumers affected by the pandemic
- student loan servicing
- mortgage loan servicing
- small dollar lending
- credit discrimination
In addition, CFPB enforcement may change under Mr. Chopra. Public enforcement might be most likely favored over an approach of confidential supervisory process as used by the former CFPB Administration. Also, we might see a shift toward enforcement actions with larger financial industry players.
We will continue to provide updates as more information is released on the new CFPB administration.