WASHINGTON—The CFPB’s acting director has sent a message to staff indicating an aggressive posture in a number of areas.
Acting CFPB Director Dave Uejio, in a message to CFPB staff, 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.”
In addition, in a reversal of current CFPB policy, Uejio announced the CFPB will now conduct Military Lending Act supervision activities to ensure compliance, and also said the CFPB is committed to taking “bold and swift action on racial equity.
“[W]e 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,” Uejio said.
No More ‘Relaxed’ Approach
Uejio further said he plans to rescind “public statements conveying a relaxed approach to enforcement” and that among his priorities will be relief for consumers facing hardship due to COVID-19 and the related economic crisis
How long Uejio will remain acting director, however, remains uncertain. President Biden has nominated Rohit Chopra to serve as director of the Bureau. Former director Kathleen Kraninger has already resigned, opening the position for the acting director.