Can you say 0 to 60? Not cars, but pretty much everything to do with financial services. A new year, a new administration, and new challenges for providers. Prior CFPB Director Kraninger is long gone. Acting Director Uejio has wasted no time in making clear that he intends to do much more than keep the seat warm. His plan to focus on consumers impacted by the pandemic, military lending, and racial equity follow the priorities President Biden set out during the transition and on the campaign trail. And the Senate Banking Committee will hear testimony tomorrow from Rohit Chopra, President Biden’s nominee to head the agency.
The new year has also brought the first actions by the newly named California Department of Financial Protection and Innovation flexing its newly created mini-CFPB muscle. We’ve seen the DFPI issue subpoenas to a dozen debt collectors in a UDAAP investigation, enter into Memoranda of Understanding with five companies issuing earned wage access products, and invite comments on a wide range of topics for potential rulemaking under the new law.
Not to be outdone by California, other states are doubling down on financial privacy proposals and federal banking agencies are horning in, issuing a proposed rule that would require financial institutions and their service providers to notify federal regulators within 36 hours of data breaches meeting certain parameters.
So what can we expect in 2021? More—more enforcement, more regulation, and more change. We’ll help you stay on top of all the developments in Beltway, the Bureau, Operations, Privacy, Mortgage, TCPA, AML/BSA, and more.