Andrew L. Sandler and Andrea K. Mitchell Quoted in Banking Exchange Article, "Fair Lending’s Next Act"
Banking ExchangeAndrew L. Sandler, Andrea K. Mitchell
Andrew L. Sandler and Andrea K. Mitchell were quoted on February 6, 2017 in a Banking Exchange article regarding the new Trump administration and the effect on fair lending and bank compliance. The article stated, “…while some of what was seen during the Obama administration will likely change as Trump nominees as well as their appointed deputies take office, banks can’t let their guards down. Experts say that banks must continue to do all that they do now to ensure compliance with fair-lending laws and regulations.”
Sandler noted that the DOJ “will probably be even less active, but enforcement won’t go away entirely.” The article stated, “One point experts interviewed agree on is that while leadership changes at the top, and that ‘tone at the top’ is important to understand, another factor exists. This is the professional staffs of agencies, including DOJ, CFPB, and the Department of Housing and Urban Development, as well as the professional staffs at the traditional banking regulators.” Mitchell added, “An example of this has already shown itself in that the consumer protection sections of the traditional banking agencies have come to see themselves as ‘an overlay on the supervision and enforcement functions.’ They exercise more assertiveness and feel more empowerment.”
The article also noted, “Even if CFPB saw a leadership change that led to emphasis on matters other than fair lending, there’s a wild card of sorts in the prudential regulatory agencies. Sandler added, “The prudentials have been deferring to CFPB. If CFPB begins to do less in this area, the prudentials will step up their game on fair-lending matters.”
Originally published in Banking Exchange; reprinted with permission.