Jacquot Comments on Importance of Newly Released CFPB Report

Partner Joe Jacquot was quoted in an American Banker article, “As Uncertainty Swirls, CFPB Keeps on Regulating,” explaining why banks cannot ignore the Consumer Financial Protection Bureau’s recently released semiannual report because of possible CFPB leadership changes.

Even though CFPB Director Richard Cordray is rumored to be leaving the agency, Jacquot said banks still need to review the semiannual report because it forecasts specific issues that the CFPB is focused on based on the past six months of supervisory exams.

Jacquot explained: “It would be at your own peril to ignore [the issues identified within the report], because whether Cordray stays or Trump decides to go with someone [to replace him], the priorities are indicative of where the agency may go.” The report contains “the kind of information state attorneys general offices will mine to begin to develop cases.”

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