Financial Firms Gear Up for Biden and an Emboldened Consumer Watchdog

  • Date: 21-Oct-2020
  • Source: The Wall Street Journal
  • Sector:Economy
  • Country:Middle East
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Financial Firms Gear Up for Biden and an Emboldened Consumer Watchdog

Lenders are worried the days of a business-friendly Consumer Financial Protection Bureau are numbered.

Mortgage lenders and financial-technology firms negotiating with the agency over potential settlements are pushing to resolve their cases quickly, according to people with knowledge of the cases. Their thinking, these people said, is that penalties and enforcement will be much harsher if Joe Biden becomes president in January.

A Biden administration is expected to embrace a more aggressive role for the CFPB, which in many ways has grown less forceful during President Trump's time in office. For the financial sector, a reinvigorated CFPB could be one of the most immediate impacts of a Biden presidency.