Released: November 27, 2020
Biden has the power to make the CFPB more aggressive thanks to Trump
Source: Jacob Passy, MarketWatch
Analysts expect the CFPB under Biden to follow a similar model to what the agency pursued under Obama and Cordray in terms of calling out predatory practices and assessing hefty penalties. Here are some issues the CFPB is likely to address under Biden:
Payday lending. Last year, the agency gutted a rule that required payday lenders to verify a person’s ability to repay the loan before giving it to them.
Consumer data. At debate is whether consumers have the right to tell companies what they can or cannot do with financial transaction data, which could mean everything from credit-card records to information regarding how people interact with mobile banking apps.
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