The nation's สมัครสมาชิก slotxoconsumer watchdog is signaling a more aggressive approach toward the financial services sectors after a few years of being on a tight leash.
Under President Biden, the Consumer Financial Protection Bureau has rescinded or scaled back a number of policies put in place by the Trump administration. And the bureau is staffing up in anticipation of taking a more active role in regulation and enforcement, as it did during the Obama administration.
This is all being done without the CFPB having a permanent director, an important position since the bureau's authority comes from the director who is answerable only to the president. Dave Uejio, a long-time career employee of the bureau, has been the bureau's acting director since Trump's appointee Kathy Kraninger resigned the day Biden was sworn into office.
Despite holding a caregiver or placeholder position, Uejio's has been quite active in the role.
In April, the bureau broadened the scope for what it considers to be abusive behavior by providers of financial services or products to consumers. Under Kraninger, the bureau adopted a narrower definition that, among other things, made monetary penalties less likely. The change will likely result in more enforcement actions and larger fines against the financial services industry, experts said.
Created in 2011, the CFPB was supposed to be a nonpartisan advocate for consumers and borrowers after the Great Recession; instead, the bureau has often been caught in the middle of the ideological war between Democrats and Republicans' views on how to run government.
Under the Trump administration, enforcement actions and fines dropped off significantly compared to when the bureau was controlled by Richard Cordray, President Obama's appointee to the bureau who left in November 2017. The bureau's own data shows the CFPB collecting roughly $ 650 million in fines or penalties. per year under Trump appointees' control compared to $ 1.84 billion on average collected annually under the Obama administration.
The bureau also rescinded several measures put into place by the Trump administration during the early days of the coronavirus pandemic. Many of these directives were designed to give banks flexibility - particularly when it came to record-keeping as the entire industry shifted to working remotely. But consumer advocates argue that the banking industry has had a full year to adjust at this point, and consumers deserve accurate records no matter what.
