CFPB Enforcement Actions Grind to a Halt as Supreme Court Looms

CFPB Enforcement Actions Grind to a Halt as Supreme Court Looms

April 10, 2024, Bloomberg Law

Eric Mogilnicki’s commentary was included in a Bloomberg Law article examining the slowdown in Consumer Financial Protection Bureau (CFPB) enforcement actions as the Supreme Court weighs in on whether the CFPB’s funding is constitutional. Eric comments on how banks and businesses are responding to the Supreme Court case and what enforcement actions the agency is currently considering.

Eric observes that “in my experience, reputable companies and big banks, there’s been no slowdown in investigations or in willingness to cooperate with the bureau.” He adds that agency actions under Director Rohit Chopra are primarily focused on targeting major companies and repeat offenders. “The bureau under Kathy Kraninger was happy to hit a lot of singles, and this bureau is looking for home runs,” he said.