Sumary of Buckle up: CFPB bringing back regulation by enforcement:
- Under Chopra, complex financial institutions with large consumer portfolios that had significant forbearance activities during COVID-19 and under the CARES Act are likely to be priority targets..
- Chopra Senate confirmation was recently delayed (again), but he is expected to be confirmed before the Senate August recess..
- In his testimony before the Senate Banking Committee, and in other forums, Commissioner Chopra has said he will focus on the following areas of banking in particular:.
- Military Lending Act and Servicemembers Civil Relief Act enforcement, and heightened attention to protection of veterans’ rights more generally….