Dear Readers,
Nominations, taskforce reports, and enforcement actions, oh my! The year 2021 has certainly started off with a bang, and it looks like changes will only accelerate as the year goes on. No worries — we’ll be here to help you keep track of new rules and stay compliant.
One of the literally biggest things that came out of the Consumer Financial Protection Bureau (CFPB) this past month was its consumer protection law taskforce report. The issuance is broken into two volumes, one of which is almost 900 pages, and the other around 100. According to the taskforce members, it is filled with history, research, and analyses that support over 100 recommendations for the bureau, Congress, and state legislatures.
The taskforce stated its recommendations pointed toward a more “muscular” CFPB, and with President Joe Biden’s pick for a new director, Rohit Chopra, signs are pointing to the new administration heading in that direction. “I worked closely with Rohit to set up the CFPB and fight for America’s students,” U.S. Sen. Elizabeth Warren tweeted. “It’s terrific that President-elect Biden picked Rohit to run the CFPB. He’s been a fearless champion for consumers at the FTC and will be a fearless champion leading the consumer agency.”
As always, only time will tell.
Stay in touch (but socially distant),
Elizabeth C. Childers, Esq.
Editor, Dodd Frank Update