John R. Coleman quoted in S&P Global article, “CFPB moves full steam ahead with bank oversight despite intensifying headwinds”
S&P GlobalJohn R. Coleman
The S&P Global article, “CFPB moves full steam ahead with bank oversight despite intensifying headwinds,” discusses the bureau’s ongoing approach to bank regulation and compliance in 2023 despite scrutiny of its funding structure. Major areas of focus for the CFPB this year will be overdraft fees, credit card late fees, illegal discrimination in audits, and consumers having access to their financial data from banks. Experts feel the financial industry, especially big banks, should stay focused on compliance as the bureau continuously works on guidance and enforcement.
Former CFPB Deputy General Counsel John Coleman noted that “the bureau has emphasized the bully pulpit and supervisory authority to influence market behavior.”