Welcome to the Financial Services Report, holiday style! Banks and non-banks alike started early this year with additions and changes to their regulator stockings. The Senate confirmed Rohit Chopra as the new CFPB Director. Director Chopra in turn appointed Lorelei Salas to oversee supervision policy and examinations. Perhaps Director Chopra sent Ms. Salas an exam manual as a stocking stuffer. Director Chopra also appointed Eric Halperin to head the Office of Enforcement. Mr. Halperin oversaw the DOJ Civil Rights Division’s fair lending programs, yet another indication of the expected focus on fair lending in the New Year.
Like our holiday decorations, Richard Cordray has reappeared just in time for the holidays with news that President Biden is considering him to replace Randal Quarles as the Fed’s vice chairman of banking supervision. Cordray would serve under Fed Chair Jerome Powell, whom President Biden nominated to continue to serve in that role. Expect Senator Warren to bring out the holiday tinsel for Cordray and a lump of coal for Powell.
And while visions of sugarplums or latkes may dance in your head, we can watch to see President Biden’s pick to head the OCC now that Saule Omarova has withdrawn from consideration. And get ready for emotional debate at your holiday table over whether CFPB Director Chopra and FDIC Director Gruenberg are staging a coup or taking necessary steps in announcing a review of bank merger policy without approval of FDIC Chair Jelena McWilliams.
As we wait and watch, on Privacy, on Bureau, on Beltway and BSA/AML, on Operations, on Preemption, on TCPA and Emerging Payments!
Until next time, have a wonderful holiday and a happy and heathy New Year, from all of us to all of you.