Acting CFPB Director announces significant policy changes

January 28, 2021

Acting Consumer Financial Protection Bureau (CFPB) Director Dave Uejio posted several CFPB policy changes on the CFPB blog Thursday.

According to Uejio’s message, he plans to reverse the CFPB’s policy regarding MLA exams and rescind “public statements conveying a relaxed approach to enforcement.”

Uejio also said his priorities as Acting Director will be:

  • Relief for consumers facing hardship due to COVID-19 and the related economic crisis, and
  • Racial equity.

The message outlined several policy changes he intends to take, including:

Taking aggressive action “to ensure that regulated companies follow the law and meet their obligations to assist consumers during the COVID-19 pandemic; and

Directing the Supervision, Enforcement, Fair Lending Division (SEFL) to “always determine the full scope of issues found in its exams, systemically remediate all of those who are harmed, and change policies, procedures, and practices to address the root causes of harms.

Additional details can be found on CUNA’s Removing Barriers Blog.