An article from The American Banker details how in recent weeks, multiple policy changes and enforcement actions have evoked “aggressive pushback” from banks and industry executives. “The number of things coming out of the agency for which there could be challenges with respect to its authority is growing,” said of counsel Eamonn Moran.
Last month, the Consumer Financial Protection Bureau (CFPB) announced it would invoke a largely unused legal provision to examine nonbank financial companies that pose risks to consumers. “The bureau may decide to push the envelope into players that might not traditionally have fallen into the consumer finance bucket,” Eamonn said. “This director is very interested in making use of every single authority the bureau has and in taking stands that may be untested."