MEMPHIS, Tenn.– What credit unions and banks can expect from the Consumer Financial Protection Bureau (CFPB) is the subject of a new report.
The report from Strategic Resource Management, an independent advisory firm serving financial institutions, is titled "Keeping Watch Over for the Watchdogs: SRM’s Take on What to Expect from the CFPB in 2023,” forecasts leadership certainty at the Bureau will play a role.
“With midterm elections in the rearview mirror and CFPB Director Rohit Chopra cleared for a five-year tenure, it's conceivable that the agency may feel less constrained by political considerations, allowing it to move forward more aggressively with its agenda,” SRM said. “Expect more guidance and fines throughout 2023.”
Five Key Areas
SRM said it sees five key areas that require watching as the CFPB exerts its influence on the banking space. Those areas include:
- Open banking and encouraging competition
- A campaign against junk fees (the Bureau has released a new proposal on junk fees)
- Focusing on credit card late fees
- Calling out fintech partnerships
- Buy Now, Pay Later (BNPL) oversight.
‘Unprecedented Change’
"The regulatory landscape is changing at an unprecedented rate. It's challenging for financial institutions to keep up as they already have a full plate," said Paul Davis, director of Market Intelligence at SRM and the report's author.
"We predict a flurry of announcements, proposed rules, and financial penalties in the months ahead that institutions need to be aware of and prepared for. The CFPB and other regulators are showing no signs of slowing down this year, so the banking community must respond diligently."
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