Acting CFPB Director Pledges Aggressive Approach to Supervision, Enforcement

The Consumer Financial Protection Bureau will increase its supervision and enforcement efforts to ensure that companies delivering COVID-19 relief are meeting their legal obligations and protecting consumers, Acting CFPB Director Dave Uejio said today. In a message to CFPB staff, Uejio directed the bureau’s Supervision, Enforcement and Fair Lending Division to “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.”

Additionally, in a reversal of current CFPB policy, Uejio announced that effective today, the CFPB will conduct Military Lending Act supervision activities to ensure compliance. He also affirmed the CFPB’s commitment to take “bold and swift action on racial equity,” signaling that he would make fair lending enforcement a top priority. “[W]e will we will also look more broadly, beyond fair lending, to identify and root out unlawful conduct that disproportionately impacts communities of color and other vulnerable populations.”