In Part I of our two-part podcast, we are joined by special guest former CFPB Director Richard Cordray. After discussing the process of transitioning to new leadership, Mr. Cordray shares his thoughts on how Mr. Uejio and, if confirmed by the Senate, Mr. Chopra, are likely to approach their new leadership roles at the CFPB
CFPB
What Do Acting CFPB Director Uejio’s Comments on Consumer Complaint Responses and Potential Racial Disparities Mean for Regulated Financial Institutions?
As we reported, Acting CFPB Director Dave Uejio recently shared a blog post in which he directed the Bureau’s Consumer Response Unit to prepare and publish a report highlighting companies with a poor track record of responding to consumer complaints. He stated that “senior leadership of these companies can expect to hear from me.”…
HUD Acting Assistant Secretary issues directive to enforce FHA to prohibit sexual orientation discrimination: What are the implications for the CFPB?
Last week, HUD’s Acting Assistant Director for Fair Housing and Equal Opportunity issued a memorandum directing HUD’s Office of Fair Housing and Equal Opportunity to take a series of actions “to administer and fully enforce the Fair Housing Act to prohibit discrimination because of sexual orientation and gender identity.”
The memorandum is intended to implement…
Acting Director Uejio allows publication of final CFPB rule on role of supervisory guidance
The CFPB’s final rule on the role of supervisory guidance was published in last Friday’s Federal Register.
On January 20, 2021, President Biden’s Chief of Staff Ronald Klain issued a memorandum to the heads of executive departments and agencies setting forth the terms of a regulatory freeze. The memorandum included the requirement for a…
CFPB recruiting new attorneys
In perhaps the most direct confirmation that the Biden Administration plans to return the CFPB to the dominant and active role it had under the leadership of former Director Cordray, Acting Director Uejio has published a blog post announcing that the Bureau has launched “an effort to recruit attorneys at all experience levels to join…
Acting Director Uejio asks for report highlighting companies with poor track record in responding to consumer complaints
Again demonstrating that he does not intend to merely be a caretaker for the CFPB’s next Director, Acting Director Uejio has publicly shared his statement to the Bureau’s Division of Consumer Education and External Affairs (CEEA) in which he directs Consumer Response to prepare a report highlighting the companies with a poor track record in…
NCUA and CFPB sign MOU on improving collaboration
On January 14, 2021, the NCUA and CFPB announced the agencies have entered into a memorandum of understanding relating to their joint supervision of federally insured credit unions over $10 billion in assets. The MOU seeks to “improve coordination, cooperation, and efficiency generally, and to reduce the burden to institutions and examination staff” by proactively…
FTC Issues Annual ECOA Report to CFPB
On January 26, 2021, the FTC sent its annual letter to the CFPB reporting on the FTC’s activities related to the Equal Credit Opportunity Act (“ECOA”) and Regulation B. The Bureau leverages the FTC’s annual letter for its own Annual Report to Congress on ECOA.
The FTC has authority to enforce the ECOA and Regulation…
Acting Director Uejio outlines regulatory priorities and seeks options for putting QM and debt collection rules on hold
In a blog post published at the end of last week, Acting CFPB Director Uejio shared with the public the statement that he sent to the staff of the Bureau’s Division of Research, Markets, and Regulations (RMR) outlining his regulatory priorities and directing staff to “explore options for preserving the status quo with respect to…
Expected changes at CFPB under new leadership highlighted in Ballard Spahr webinar
For our webinar last week, “The Times at the CFPB are A-Changing: Perspectives on the CFPB Under Acting Director Uejio and Director Chopra,” we were joined by special guest former CFPB Director Richard Cordray. The webinar looked at the changes that the CFPB is likely to undergo under the leadership of Messrs. Chopra and Uejio…