The Impact of the Election on the CFPB - Part I

Elections have consequences at the CFPB.

After our high-level post-election webinar on November 12, our clients expressed interest in hearing us take a deeper dive into the anticipated changes that will likely happen at the CFPB once a new (acting) director appointed by President-elect Trump takes over.

To that end, we are pleased to invite you to join us for a series of three webinars discussing the transition period at the CFPB. They will focus on regulations, supervision and enforcement, and the ramped-up enforcement initiatives we expect to see from state attorneys general.  

Joining us for the first webinar will be David Silberman, who held several senior positions at the CFPB for 10 years under both Democratic and Republican administrations. Mr. Silberman is uniquely suited to provide an inside view of what the segue was like then and may be like now.

Our special guest for Part 2, Kathy Kraninger, was Director of the CFPB from 2018 to 2021 during most of President Trump’s first term in office. Ms. Kraninger will discuss her term as Director and how it differed from Richard Cordray’s term as Director and what this may portend for the agenda of the new (Acting) Director.

We are delighted to announce that Matthew J. Platkin, Attorney General for the State of New Jersey, will join us for Part 3 of this series. During a fireside chat with Alan Kaplinsky, Attorney General Platkin will discuss how state AGs will fill any compliance and enforcement void left by the next CFPB Director’s agenda.

Alan Kaplinsky will have fireside chats with Mr. Silberman, Ms. Kraninger, and Attorney General Platkin.

See below for more information about each of these three webinars.

December 16, 2024 – Part 1: Regulations
12:00 PM ET
January 6, 2025 – Part 2: Supervision and Enforcement
12:00 PM ET
January 17, 2025 – Part 3: Enforcement Initiatives From State Attorneys General
1:00 PM ET

ADDITIONAL INFORMATION

The three webinars in this trilogy are approved for 1.5 CLE credit in CA, NV, NY, & PA, and 1.8 in NJ. MN CLE Credit is pending. Uniform Certificates of Attendance will also be provided for the purpose of seeking credit in other jurisdictions.

Login details can be found in the calendar hold and will be resent the day before the webinar. For more information, contact events@ballardspahr.com.

Part 1 - Regulations

11:45 AM - 12:00 PM ET | Log on
12:00 PM - 1:30 PM ET | Program

During this first webinar in our three-part series, after Mr. Silberman’s fireside chat with Alan Kaplinsky, we will discuss:

• What will happen to final regulations issued before January 20?
  • $8 credit card late fee under CARD Act (injunction against CFPB issued)
  • Small business data collection (1071 of DF) (denial on appeal to Fifth Circuit)
  • Open banking (1033 of DF) (lawsuit filed)
  • Payday lending rule (presentment of payments)
  • Larger participant rule covering digital payments
  • Agency and court order registry
  • Buy Now, Pay Later (interpretive rule) (lawsuit pending)
  • Mortgage Servicing Rule
• What will happen to proposed regulations that may still be finalized before January 20?
  • Bank overdraft fees and NSF fees
  • Earned-wage access (interp rule)
  • Contract clause registry
  • Medical debt reporting (FCRA)
• What will happen to proposed regulations that are not finalized by January 20?
  • Data broker rule
• What will happen to other written guidance? 
  • Collection of medical debt
  • Unenforceable contract terms
  • Consumer requests for information
  • Unfair, Deceptive, or Abusive Acts or Practices (UDAAP) Exam Manual coverage of discrimination (on appeal to Fifth Circuit)
• What will happen to orders subjecting non-banks to supervisory jurisdiction?
• What will be the impact of the Congressional Review Act?
• What will be the impact of litigation challenges?
• What will rulemaking look like under the new Director?
• What will be the impact of the U.S. Supreme Court’s opinion in Loper Bright Enterprises which repealed the Chevron judicial deference doctrine?

Part 2 - Supervision and Enforcement

11:45 AM - 12:00 PM ET | Log on
12:00 PM - 1:30 PM ET | Program

During the second webinar in our three-part series, after Ms. Kraninger’s fireside chat with Alan Kaplinsky, we will discuss:

• What will supervision look like under the new Director?
  • Business as usual or more relaxed?
  • Focus on compliance with Federal consumer financial services laws and less on UDAAP?
  • Reduced staffing?
  • Fewer exams?
  • Fewer PAAR letters and more use of MRAs and MRIAs?
• What will enforcement look like under the new Director?
  • Review of existing lawsuits and investigations
  • Dismissal of certain cases that involve “regulation by enforcement” or “pushing the envelope”
  • Types of new investigations and lawsuits (focus on fraud and scams and less on UDAAP)
  • Position on whether CFPB is being unlawfully funded because the Federal Reserve Banks have had no combined earnings since September 2022
• What will happen to the current CFPB's focus on non-traditional banking institutions?
• How should entities prepare for exams under the new director?

Part 3 - Enforcement Initiatives From State Attorneys General

12:45 PM - 1:00 PM ET | Log on
1:00 PM - 2:30 PM ET | Program

During the third webinar in our three-part series, after Attorney General Platkin's fireside chat with Alan Kaplinsky, we will discuss:

• Will state attorneys general fill the expected enforcement void left by a less-active CFPB?
  • Democratic vs. Republican Attorneys General
  • Reaction to post-election and pre-inauguration reports, surveys, and other releases from the CFPB
  • Probable decline in collaboration with CFPB following the change in administrations
  • Use of UDAAP (particularly abusive prong)
  • More networking of state attorneys general
  • What can we expect from state legislatures?

Click here to subscribe to the Consumer Finance Monitor Blog.

Click here to subscribe to the Consumer Finance Monitor Podcast.

Special Guests:

Part 1: Regulations
David Silberman, Former Acting Deputy Director of the CFPB (2016-2017)

Part 2: Supervision and Enforcement
Kathy Kraninger, Former Director of the CFPB (2018-2021)

Part 3: Enforcement Initiatives From State Attorneys General
Matthew J. Platkin, NJ Attorney General