Vaishali Rao Analyzes in ARM Compliance Digest: CFPB Announces First Enforcement Action Under New Leadership
In the March 8, 2021 edition of the ARM Compliance Digest, Hinshaw partner Vaishali Rao reports on the first enforcement action undertaken by the post-Kraninger Consumer Financial Protection Bureau:
The enforcement action is foreshadowing for additional cases to come that will peel back the layers on possible ways people of color may be paying higher costs than others. In addition, it is a signal of renewed cooperation between the states and Bureau. Companies should expect that the Bureau and state attorneys general communicate regularly about potential cases and find ways to bring enforcement actions together, or in conjunction with one another.