More Aggressive Consumer Financial Services Enforcement Expected | Skadden, Arps, Slate, Meagher & Flom LLP – JDSupra – JD Supra – DC Initiative on Racial Equity
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Takeaways

  • Redlining enforcement will be a significant priority for the CFPB, DOJ and other agencies.
  • Loan servicers should expect increased scrutiny to prevent unnecessary defaults.
  • Credit bureau reporting will be an area of focus.

As expected, 2021 brought an uptick in fair lending enforcement in the U.S., particularly by the Consumer Financial Protection Bureau (CFPB). As President Joe Biden’s nominees for key agency positions settle into their roles and move to implement their policy agendas, more enforcement actions are likely in 2022. Actions alleging redlining and other types of mortgage lending discrimination will remain a significant priority. In addition, we expect increased enforcement in areas that have received less attention recently, including loan servicing, credit reporting, student loans and small business lending.

Key Appointees Foreshadow Significant Enforcement Activity

Severa


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