State and Federal Enforcement Activity in the COVID-19 Context and Beyond: Key Actions Taken in the Past Year, Pandemic-Induced Priorities, and What to Expect in the Months Ahead
Jedd Bellman
Assistant Commissioner for Non-Depository Supervision, Office of the Commissioner of Financial Regulation
Maryland Department of Labor (Baltimore, MD)
Christopher B. Mulvihill
Deputy Superintendent, Consumer Protection & Financial Enforcement Division
New York State Department of Financial Services (New York, NY)
With a decrease in federal enforcement under the Trump administration, state regulators and Attorneys General have ramped up their investigation of mortgage companies and other consumer loan providers. New demands on lenders and servicers in the context of the pandemic are only intensifying scrutiny of their practices by state authorities, and new federal legislation opens the door for new kinds of enforcement actions. This session will address:
- A synthesis of key pre-COVID trends in enforcement across the country and recent priorities set out by state regulators
- What kinds of actions relating to COVID-era regulations are likely to arise in the following year
- Recent guidance from the CFPB and what to expect in the event of a change in administration in January