CFPB Enforcement Actions Plummet under Chopra
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Vincent Urbancic and BRG’s Financial Institution Advisory (FIA) practice recently shared the Consumer Finance Enforcement Action Tracker for Q1 2023, which provides insight into current trends in regulatory and state enforcement actions and uses those actions to support institutions in initiating risk mitigation steps.
An American Banker article noted that the Consumer Financial Protection Bureau’s enforcement actions “have plummeted under the leadership of director Rohit Chopra, while employee morale at the agency is lagging compared with the Obama administration.”
Quoted in the article, Urbancic said enforcement action numbers under the Trump administration “might be inflated a little bit” due to actions filed for the same issue against several companies.
“The Biden administration’s actions are still much lower than the Trump era,” said Urbancic. “A lot of things are being handled that aren’t being publicly disclosed or that don’t get to the level of a consent order or enforcement action. I do think there’s going to be more [actions] coming in the area of fair lending and fair servicing.”
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