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CFPB Memo Indicates Seismic Shift in Supervision and Enforcement Priorities as Banking Regulators Huddle to Collaborate

CFPB Memo Indicates Seismic Shift in Supervision and Enforcement Priorities as Banking Regulators Huddle to Collaborate

AFSA received a copy of a CFPB memo that outlines changes to the Bureau’s supervision and enforcement priorities. Some of the highlights from the memo are:

  • The Bureau is prioritizing “pressing threats to consumers, particularly service members and their families and veterans.”
  • The Bureau is shifting resources away from enforcement and supervision that can be done by states.
  • CFPB Supervision is tasked with decreasing the number of “events” by 50%.
  • The Bureau will focus on “the largest banks and depository institutions” and reduce focus on nonbank companies.
  • The Bureau will focus on fraud against consumers and target the following products:
    • Mortgages
    • FCRA/Reg. V data furnishing
    • FDCPA/Reg. F
    • Fraudulent overcharges and fees
    • Inadequate controls to protect consumer information
  • The Bureau will reduce its participation with States in supervision and enforcement to avoid duplicative events.
  • The Bureau will coordinate with other federal agencies to avoid action outside its jurisdiction and to avoid duplication.
  • The Bureau will take a more measured approach to enforcing Fair Lending laws and “pursue only matters with proven actual intentional racial discrimination and actual identified victims.”

Along the same lines, we noted an article indicating that Scott Bessent is holding meetings with federal banking agencies to assert leadership over banking regulatory policy and to streamline regulation. The nominee to be the next CFPB Director is leading these meetings, according to the report.

AFSA will continue to monitor for more information on these topics.

April 18th, 2025

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