A Changing Landscape: Supervision, Examination, and Enforcement in the Credit Reporting Ecosystem

As new leadership takes hold at the Consumer Financial Protection Bureau (CFPB) and the COVID-19 virus continues to impact the lives of consumers, 2021 seems poised to undergo significant changes in supervisory and enforcement activity. Concerned about the CFPB’s January 2021 Supervisory Highlights findings, acting CFPB Director Dave Uejio made clear that the CFPB will ramp up its supervision and enforcement efforts to oversee companies responsible for COVID relief.

Michael Canale and John DelPonti joined John Redding (Alston & Bird LLP) to discuss CFPB’s priorities under new leadership and offer thoughts on how companies should prepare for the expected changes. Francis Creighton (CDIA) moderated the discussion. Topics included:

• Landscape of supervision and enforcement
  • Anticipated changes at the federal level
  • Identifying CFPB’s priorities and “hot-button” issues
  • Analysis of significant Fair Credit Reporting Act-related regulatory and litigation decisions
  • Update on potential COVID-19 related lawsuits
• How to interpret furnishing-related enforcement orders
• Furnishing operations
  • Internal control expectations and compliance with Appendix E
  • Data mapping and data integrity
  • Vendor oversight
  • Emerging technologies to increase operational efficiencies

Watch the recording.