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CFPB Flips on Trump-era Abusive Acts Stance, Compliance Week

March 15, 2021

Morgan Lewis of counsel Eamonn Moran spoke to Compliance Week after the Consumer Financial Protection Bureau’s (CFPB’s) decision to rescind the previous administration’s enforcement policy of abusive practices in the financial services industry. Eamonn said that during the previous administration “the CFPB rarely used its authority to punish firms it deemed had engaged in abusive acts or practices.” While under the previous policy, penalties were not usually issued, Eamonn suggested that the financial services industry should prepare for a “more aggressive” approach moving forward.

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