CFPB, Federal Agencies, State Agencies, and Attorneys General
On January 20, 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 requires the following subject to limited exceptions:
This week has brought 3 major events at the CFPB: the resignation of Director Kraninger, President Biden’s nomination of Rohit Chopra to serve as the next Director, and President Biden’s appointment of David Uejio to serve as Acting Director.
On Tuesday, February 2, 2021, from 12:30 p.m. to 1:30 p.m. ET, Ballard’s Consumer Financial Services Group will hold a webinar, “The Times at the CFPB are A-Changing: Perspectives on the CFPB Under Acting Director Uejio and Director Chopra.” … Continue Reading
In Part I of our two-part podcast, after discussing the Taskforce’s goals and background, we look at the recommendations in the Taskforce’s report concerning artificial intelligence, limited English proficiency consumers, and fair lending, share our reactions to the recommendations, and consider the recommendations’ practical implications for the consumer finance industry.
Ballard Spahr attorney Alan Kaplinsky hosts the conversation with Professor Zywicki and Chris Willis, Co-Chair of Ballard Spahr’s Consumer Financial Services Practice Group.… Continue Reading
Following Director Kraninger’s resignation yesterday, the White House announced that President Biden has appointed David Uejio to serve as Acting CFPB Director.
Mr. Uejio currently serves as the Bureau’s Chief Strategy Officer. He has worked at the Bureau since 2012, previously having served as Acting Deputy Chief of Staff and Lead for Talent Acquisition. … Continue Reading
According to media reports, Director Kraninger has submitted her resignation to President Biden. President Biden has nominated Rohit Chopra to serve as the CFPB’s next Director and is expected to appoint an individual to serve as Acting Director pending Mr. Chopra’s confirmation by the Senate.
Several media reports have indicated that Mr.… Continue Reading
The Biden Transition has announced that President-elect Biden has nominated Rohit Chopra to serve as CFPB Director.
Mr. Chopra currently serves as an FTC Commissioner, having been appointed by President Trump in 2018 to fill one of the Democratic seats on the FTC.
The nomination of Mr. Chopra as Director will return him to the CFPB, where he served as an Assistant Director from the time the CFPB was stood up in 2010 until his departure in 2015. … Continue Reading
As we recently reported, the CFPB released new guidance on January 13, 2021, in an effort to give industry participants more concrete guidance about how to tackle the sometimes-daunting issue of serving customers in non-English languages. Director Kraninger announced the guidance in a blog post of her own, and reached out with telephone calls to announce the release of the guidance. … Continue Reading
After reviewing what EWA is and the different models used for EWA programs, we discuss federal and state regulatory issues raised by such programs, the CFPB’s advisory opinion on such programs and the questions it raises, how a change in CFPB leadership under the Biden Administration could impact such programs, and the future of such programs.… Continue Reading
In a development welcomed by industry members, the CFPB published today a “Statement Regarding the Provision of Financial Products and Services to Consumers with Limited English Proficiency.” The Statement is intended to provide “compliance principles and guidelines to inform and assist financial institutions in their decision making related to serving LEP consumers.”… Continue Reading
The CFPB’s Taskforce on Federal Consumer Financial Law released its report making recommendations on how to improve consumer protection in the financial marketplace.
The CFPB created the Taskforce in October 2019 to examine ways to harmonize and modernize federal consumer financial laws. The Taskforce was charged with examining the existing legal and regulatory environment for consumers and financial services providers and making recommendations to the Bureau’s leadership for improving consumer financial laws and regulations.… Continue Reading
