Rohit Chopra has led the Consumer Financial Protection Bureau (CFPB) for less than a month, but one area of examination and enforcement priority is already coming into focus: data. Any company that offers financial services should expect increased scrutiny under a Chopra-led CPFB, experts from Goodwin said during a webinar. Any department or division that has seen a rapid scaling up during the pandemic should be evaluated for potential compliance missteps, said Complex Litigation & Dispute Resolution partner Sabrina Rose-Smith. Complex Litigation and Dispute Resolution and New York head of the Consumer Financial Services Litigation partner Allison Schoenthal added that decisions that are auto-generated should be scrutinized and it is wise to look at your data sources before making decisions. Matthew Sheldon, another Complex Litigation and Dispute Resolution partner, stated that this will be a point of emphasis for the CFPB as it seeks to advance the Biden administration’s social policy goals. Read the Compliance Week article here.
In The Press October 28, 2021