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In the Media

Election Impact: The future of the CFPB

Read Time: 1 min

Member Kelly Lipinski (Cleveland) is quoted in “Election Impact: The future of the CFPB” in Auto Finance News (subscription required). The article covers the creation and history of the CFPB, and the impact the 2020 presidential election may have on the agency’s activities.

Under Cordray’s leadership, the CFPB published a bulletin that “basically stated that in the auto indirect space disparate impact was a viable legal theory under fair lending and the Equal Credit Opportunity Act,” Lipinski said. “They followed suit by entering into enforcement actions against auto finance companies based on dealer markup.” Disparate impact is a labor law that refers to practices in employment, housing and auto that adversely affect one group of people under a protected characteristic more than another.

“One added dynamic here that we can’t minimize is not just whether the administration changes,” Lipinksi noted. “We are set for economic challenges that will directly affect consumers. We should anticipate an increase in repos and foreclosures, and those were the exact issues in 2008 that led to the formation of the CFPB.

“Whoever is in leadership at the CFPB, or even the president … will be forced to address an economic environment where consumer accounts are not performing. We’re going to have a lot of behavior and defaults that are reminiscent of 2008. So, eyes will be on the federal agencies or President Trump or President Biden — whoever it is — to avoid and minimize the repetitions of the economic collapse in 2008.”

Read the full article here (subscription required).

Insights

Alert

CFPB Issues Debt Collection Final Rule

November 16, 2020

On October 30, 2020, the Consumer Financial Protection Bureau (CFPB) issued a final rule (the Rule) amending Regulation F, which implements the Fair Debt Collection Practices Act (FDCPA). The Rule modernizes requirements covering debt collection communications, which have changed significantly since the FDCPA was passed in 1977.

Presentation

CFPB and Mini-CFPB Developments

October 8, 2020

Anthony Rollo (Baton Rouge), Bob Driscoll (Washington, DC), and Brian Fink (Washington, DC) participated in a panel discussion on the CFPB and mini-CFPB developments on Thursday, October 8 during the 2020 Virtual Consumer Finance Legal Conference.

In the Media

2020 Election: Can a public credit reporting agency become reality?

September 3, 2020

Member Robert Savoie (Cleveland) is quoted in “2020 Election: Can a public credit reporting agency become reality?” in Bank Innovation (subscription required). The article discusses the idea that a public credit reporting agency could help underbanked consumers who often struggle to receive credit.

In the Media

2020 election: What’s at stake for bank charters

August 31, 2020

Member Robert Savoie is quoted in a Bank Innovation article about how the Trump and Biden presidential campaigns view important policies surrounding banking and fintech and what is at stake for bank charters as the election approaches.

Published Article

Regulatory sandboxes, policy changes spur innovation

April 22, 2020

Regulatory uncertainty remains one of the most significant challenges to finance companies that want to develop creative and innovate products and services. Federal and state agencies have implemented policies to facilitate innovation, with more states likely to create their own sandboxes in 2020.