After years of relative inactivity under the prior administration, the Consumer Financial Protection Bureau (CFPB) is expected to expand its reach and be more aggressive, especially in the consumer space, under its new director, Rohit Chopra. What will the enforcement priorities be under this new regime, and how will they impact advertising in the financial services industry? In this episode of Perfect Balance: An Advertising Law Podcast, host Po Yi is joined by new Manatt Financial Services partner Bryan Schneider, who recently arrived at Manatt after serving two years as Associate Director for the Division of Supervision, Enforcement and Fair Lending at the CFPB.
Po and Bryan discuss some important regulatory considerations for advertisers in the financial services space, including:
- Anticipated enforcement priorities for the CFPB, and how Director Chopra’s former position as a Federal Trade Commissioner may factor in these priorities
- The increasing focus of the CFPB to support racial equity and inclusion across the financial services marketplace
- Marketing to vulnerable populations, such as the elderly and students
- Artificial intelligence (AI) and machine learning’s impact on loan origination decisions
- Best practices to mitigate risk and penalties in this new era of the CFPB
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