While the CFPB might not move forward with rulemaking in the coming months, Director Rohit Chopra is expected to push forward with exams and advisory opinions.
In the final weeks before the new Republican administration takes over, the CFPB’s rulemaking process is expected to slow, but enforcement activity could increase, according to industry attorneys.
Among the changes expected in Trump 2.0, a new bureau director, and a focus on technical requirements of statutes and regulations and less aggressive statutory and regulatory interpretations.
The credit union agreed to pay $95 million in consumer refunds and fines to resolve a CFPB investigation that found the company illegally charged overdraft fees.
The bureau’s advisory opinion on medical debt collection practices violates the Administrative Procedure Act as it creates new rules, according to an association representing credit and collection professionals.
Federal Reserve examiners found that all Real Estate Settlement Procedures Act violations it encountered at banks in 2023 were tied to escrow account requirements.