Key Takeaways From CFPB's Year-End Enforcement Flurry
Law360 (January 26, 2021, 3:15 PM EST) -- The U.S. Consumer Financial Protection Bureau announced 11 enforcement actions in December 2020. The year-end flurry of enforcement activity includes everything from a multimillion-dollar settlement with the nation's largest mortgage servicing company to a $600,000 settlement with a home security system provider, reflecting the broad sweep of the bureau's enforcement jurisdiction.
December's actions also continue to demonstrate the bureau's more restrained approach to remediation and penalties during the Trump administration — the majority of settlements included no remediation to consumers and penalties in the low seven figures.
As the Biden administration takes the helm alongside a Democratic-controlled Congress, industry should prepare...
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