Manatt Financial Services Partner Bryan Schneider spoke with American Banker about how the Consumer Financial Protection Bureau (CFPB) is facing pushback from banks and industry executives following an increase of recent policy changes and enforcement actions.
CFPB Director Rohit Chopra has focused the Bureau’s efforts on holding individual executives personally liable for wrongdoing and fining repeat corporate offenders. These actions have led to more companies disputing allegations and refusing to pay large fines or admit wrongdoing. “We have a new leadership that is intent on expanding their reach and the likely effects of that are going to be broader investigations involving a greater number of entities,” Schneider commented.
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