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Monday, February 27, 2017

CFPB Speeds Up Enforcement Efforts

By: McIntyre & Lemon, PLLC

Law360 reports that the Consumer Financial Protection Bureau (CFPB) has greatly enhanced its enforcement efforts in anticipation that the Trump administration will replace its director, Richard Cordray.

According to Law360, the CFPB has come under fire by Republican lawmakers for what is seen as its aggressive enforcement actions and implementation of new consumer protection rules under Cordray’s leadership. Facing an uncertain future under the Trump administration, and with Republicans controlling Congress, the CFPB’s enforcement team is said to be moving at a quicker pace to push through as many enforcement actions as they can muster.

Between January 1 and February 17, the CFPB filed a total of 10 enforcement actions, confirming a significant increase compared to previous years. The CFPB maintains, however, that the pace of its enforcement work is a result of the violations it investigates with no noticeable change in the last few months.