September 18, 2019

American Banker Quotes Allyson Baker on the CFPB Investigations and Enforcement Actions

1 min

On September 18, 2019, Allyson Baker was quoted in American Banker regarding the Consumer Financial Protection Bureau's (CFPB) increase in investigations and enforcement actions in the past few months. This is an apparent shift by the agency under Director Kathy Kraninger, who had initially signaled that supervision would be the primary focus in her tenure.

According to the article, financial firms are receiving more civil investigative demands (CIDs) and notices alerting them of possible enforcement actions.

"I am seeing quite an uptick in enforcement activity in general at the CFPB both in terms of aggressiveness and more CIDs being issued," said Baker. "CIDs that are coming in are in some ways more onerous and narrower, which is easier for the bureau to defend, and harder to attack. Cases that people thought were going to get dismissed, haven't been dismissed."