CFPB, Federal Agencies, State Agencies, and Attorneys General
Last week, the White House announced that President Biden intends to nominate Dave Uejio, who currently serves as CFPB Acting Director, to serve as Assistant Secretary for Fair Housing and Equal Opportunity at the Department of Housing and Urban Development.
In January 2021, President Biden named Rohit Chopra to serve as CFPB Director. … Continue Reading
The CFPB has filed a motion to dismiss the federal district court lawsuit brought by the National Association for Latino Community Asset Builders (NALCAB). That lawsuit seeks to overturn the CFPB’s July 2020 final rule (2020 Rule) rescinding the “ability-to-repay” (ATR) or “mandatory underwriting provisions” in its 2017 final payday/auto title/high-rate installment loan rule (2017 Rule). … Continue Reading
The CFPB has issued its Consumer Response Annual Report, which analyzes the approximately 542,300 complaints received by the CFPB between January 1 and December 31, 2020. The number of complaints received in 2020 represents a nearly 54% increase over the approximately 352,400 complaints received in 2019. The report details the trends in consumer complaints across various categories and provides information about the CFPB’s process for handling complaints.… Continue Reading
Providing further confirmation that the CFPB plans to ramp up its enforcement efforts under its new leadership, the CFPB is recruiting one or more attorneys from other federal agencies to work in its Office of Enforcement. The position is described as a detail for 6 months, with a possible option to extend, in which the attorney would keep his or her position of record at the other agency while serving on the detail.… Continue Reading
We first review recent studies finding racial disparities in connection with consumer complaints and look at the methodology used for those studies and its limitations. We then discuss how the CFPB uses complaint data, the risks faced by companies that are the subject of complaints, and the key components of an effective complaint management system that companies should have in place.… Continue Reading
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 and their expected priorities.… Continue Reading
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.”… Continue Reading
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 our team.”… Continue Reading
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 responding to consumer complaints. … Continue Reading
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 QM and debt collection rules.”… Continue Reading
