John R. Coleman quoted in S&P Global article, “CFPB targeting largest US banks as it cracks down on financial industry”
S&P GlobalJohn R. Coleman
The S&P Global article, “CFPB targeting largest US banks as it cracks down on financial industry,” discusses the bureau’s recent focus on the nation’s largest banks, resulting in a string of investigations and millions of dollars in penalties. Analysts believe the CFPB’s main objective with these actions is to motivate big banks to fix what it considers to be the problematic behaviors.
Coleman, former CFPB deputy general counsel, said, “Many consumers have bank accounts and credit card fees, and many consumers pay fees, so the CFPB may conclude that criticism of such fees is an issue with broad appeal.” He also noted that banks are already highly regulated and generally transparent with regulators, and, therefore, “may reasonably view some of the changes that the CFPB is pushing banks to adopt as coming without warning or process. Disagreements about both substance and process are beginning to bubble up to the surface.”