CFPB Director Rohit Chopra made a reputation as an aggressive and active regulator, going after bank overdraft charges, credit card late fees and big nonbanks’ wallet apps.
Former CFPB Director Kathy Kraninger said with GOP control of the House and the Senate, it’s possible that the Trump White House will revamp the structure of the CFPB.
A potential slowdown of regulations and actions taken by the CFPB during the second Trump administration could alleviate regulatory pressure on financial service providers.
The Seattle-based bank attributed its decision to exit the mortgage business in part to burdensome CRA requirements. The bank received a “need to improve” CRA rating on its lending to low- and moderate-income borrowers. WaFd said it plans to appeal the rating.
Seth Frotman, general counsel and senior advisor to the director at the CFPB, expressed frustrations with courts for blocking the bureau’s efforts to apply existing laws to address modern and evolving problems.
MBA calls for nonbank registry delay; bureau fines remittance company; bureau sues Draper & Kramer for redlining; Pennsylvania AG sues mortgage brokers over kickback scheme.
The Trump administration’s failure to name acting directors for key federal agencies leaves them either under the control of Biden appointees or without a presidentially appointed leader.