The report, alongside several other federal agency reports, addresses how the government will act in creating new standards to protect communities and mitigate climate change’s economic effects.
Highlighting how algorithmic bias was leading to new, harder-to-detect digital redlining, Chopra said, “We need to make sure we have the skill sets in house"...
If former bureau attorneys are found engaging in violations, the CFPB said it will “make referrals to state licensing bodies and bar associations that may wish to consider disciplinary proceedings.”
But acquiring that talent is going to be an enormous challenge for the bureau given that it cannot compete with compensation levels in the private sector.
The CFPB said it will apply heightened scrutiny to matters and decisions where a regulated entity has employed or retained the services of a former bureau employee.
The Government Accountability Office said the CFPB’s fiscal 2020 and fiscal 2021 financial statements were in accordance with generally accepted accounting principles.
Federal and state agencies are back to fully enforcing communication timing requirements found in Regulation X. However, they will consider the impact of COVID-19 when deciding supervisory and enforcement actions.
The CFPB needs to improve the effectiveness of its quality management program in order to strengthen its supervision activities, the Federal Reserve Office of Inspector General said in a recent report.