Acting Director of the Consumer Financial Protection Bureau (CFPB), Dave Uejio, has recently sent letters to the different divisions of the bureau to outline his vision for the agency’s focus and priorities. We’ve previously blogged on his January 28, 2021 letter to the Division of Supervision, Enforcement and Fair Lending.
On February 4th, 2021 Acting Director Uejio sent a letter to the bureau’s Division of Research, Markets and Regulations (RMR), which lays out his “broad vision” for the division’s work over the coming months. The letter laid out Uejio’s two major priorities for RMR: (1) relief for borrowers facing hardship due to the COVID-19 pandemic and related economic crisis; and (2) racial equity. Uejio communicated that he expects RMR to publish regular research addressing those two priorities.
The first priority deals with assisting borrowers who are facing financial hardship due to the COVID-19 pandemic. Credit unions are no strangers to this topic, as the pandemic has been with us for nearly an entire year and credit unions have been working to implement the forbearance provisions of the CARES Act and provide other types of relief for struggling members. The second priority appears to be in lockstep with the Biden Administration. On his first day in office, President Biden signed an executive order on “advancing racial equity” and the topic is also listed on the White House’s website as one of the administration’s “immediate priorities.”
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