Rich Horn, Joshua Weinberg talk CFPB compliance
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Banking, Consumer Protection, Legislation
Wednesday, August 11, 2021
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Dodd Frank Update and October Research, LLC produced a discussion between Richard Horn, co-managing partner at the law firm Garris Horn LLP and former senior counsel and special advisor at the Consumer Financial Protection Bureau, and Joshua Weinberg, president of Firstline Compliance, LLC, a consulting company that assists traditional and digital lenders in making compliance a competitive advantage.
The two focused on the leadership shift at the bureau and what the industry can expect when it comes to regulatory oversight. Stewart sponsored the complimentary hour-long webinar, with its Group President, Agency Operations Tara Smith moderating.
“In some ways, we can say everything old is new again,” Horn said. “And that we will be in the Richard Cordray era 2.0…. But there is a slightly different focus on the bureau just given what the country is facing right now with the COVID-19 pandemic, and the recent conversation surrounding race and the Biden administration’s focus on racial equity.”
While addressing what may be some of the new priorities, Horn highlighted the CFPB’s suit against Townstone Financial, Inc., where the bureau brought an action against a small, nonbank mortgage lender for certain statements made in its weekly radio show, as well as its lack of Black loan officers and mortgage applications from majority Black neighborhoods in the Chicago metropolitan statistical area. Horn covered the arguments of each party to the case, and how the result could impact the industry.
“The tone of the conversation in the country heavily influence the outcomes of the way policy is created,” Weinberg added. “We’re going to continue to see regulation evolve based on the change in what’s acceptable, and what’s acceptable is going to shift policy to what’s required and what becomes illegal.”
For more on Horn and Weinberg’s perspectives on the direction of the enforcement of the Community Reinvestment Act and the Equal Credit Opportunity Act; fair lending analysis, the impact of changing demographics; limited English proficiency requirements; the CFPB foreclosure moratorium; upcoming prospective rules; and what the bureau may focus on during exams, check out the webinar now.
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