Excerpt: Following a period of decreased enforcement activity under the Trump Administration and former Directors Mick Mulvaney and Kathy Kraninger, the Biden CFPB under Director Rohit Chopra has signaled an intent to significantly increase its supervisory and enforcement activity over covered institutions. Accompanying this increase in regulatory activity has been a shift in supervisory and enforcement priorities from the prior Administration, with particular emphasis on addressing issues of pervasive racial injustice and protecting consumers rendered vulnerable by the long-term economic effects of the COVID-19 pandemic. During Director Chopra’s early tenure, the Bureau also has made repeated use of its authority to request information from companies at the periphery of (or outside) its supervisory jurisdiction, and has repeatedly signaled a focus on consolidation, competition within the financial services industry, and protecting consumers in vulnerable populations. The Bureau continues to be active across many market segments and its supervisory and enforcement authority remain potent.
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