Banking & Finance Update: Consumer Protection Developments

Our updates, which began in May 2020 by spotlighting CARES Act Title IV emergency financing facilities and related Federal Reserve Act Section 13(3) programs, continue in 2021 with insights into how consumer protection issues in the financial services sector are evolving under the Biden Administration.

Topics

• Proposed changes to mortgage servicing rules in anticipation of the end of COVID forbearance programs
• What the 2020 CFPB Complaint Database data suggests about enforcement and examination focuses
• Implications of the rescission of the "abusive" policy guidance
• CFPB's 2020 Fair Lending Report and what to expect in fair lending enforcement going forward
• State-level consumer financial protection initiatives
• Potential for Congressional Review Act reversal of "True Lender" rule