'Thrown Together': CFPB Enforcement Gets Slashed in Internal Memo

Financial Services attorney Eamonn Moran was quoted in a National Law Journal article raising concerns about a Consumer Financial Protection Bureau (CFPB) memo calling for a shift away from enforcement activity. Mr. Moran shared that he thought the memo lacked clarity, seemingly equating supervision and enforcement, and questioned how the agency could simultaneously focus on mortgages while moving away from overseeing the non-bank lenders that primarily drive the industry. He also pointed out that the CFPB's policy direction could change again once Jonathan McKernan is confirmed as director.

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