b'2020 were consistent with Director Kathy KraningersOn the state level, the uptick in enforcement activity more modest enforcement agendanamely, obtainingthat we expected from Democratic takeovers of consumer relief, restitution, and injunctive relief forsome state governments did not materialize, almost what the Bureau sees as clear-cut instances of tangiblecertainly because of the diversion in attention caused consumer harm, often to vulnerable populations suchby the pandemic. The most significant state-level as minorities, students, and military servicemembers.development in 2020 occurred on the regulatory side, Director Kraninger also continued her departurehowever, as California enacted a suite of new laws that from the agenda of former Director Richard Cordraytransformed the Department of Business Oversight into by rolling back policies implemented by the Bureauthe Department of Financial Protection and Innovation during Director Cordrays tenure, including rescinding(DFPI): a mini-CFPB with extensive rulemaking and the ability to repay underwriting requirements of theenforcement authority over virtually every entity Payday Lending Rule on the grounds that the CFPBoffering a consumer financial product or service to a had re-evaluat[ed] the legal and evidentiary bases forCalifornia consumer. these provisions and [found] them to be insufficient.We expect that 2021 will mark a sea change in enforcement, regulatory agendas, and rulemaking as a result of the election of President Joe Biden and the Democrats seizing control of both houses Mr. Chopras appointment is likely toof Congress, though the Democrats narrow majority radically reshape the CFPBs regulatory andin the Senate may take certain aggressive consumer protection initiatives off the tablefor now. It is enforcement agenda. likely, however, that the ongoing pandemic will hamper implementation of certain parts of the Biden administrations regulatory agenda in the short-term and may accelerate implementation of others, such as Other federal agencies remained active in thelengthier mortgage forbearance periods and extended consumer finance enforcement and regulatory space inforeclosure moratoriums. Nonetheless, by the end of 2020, although to a much lesser degree than the CFPB.2021 we anticipate an increase in federal enforcement The Federal Trade Commission (FTC) targeted creditactivity across the board and consumer-friendly agency repair companies that charged up-front fees for illusoryguidance, proposed rules, and proposed legislation services, whereas the U.S. Department of Justice (DOJ)in a number of key areas, including auto lending, was particularly active in policing alleged fraud relatedmortgages, payday and small-dollar lending, and to government-insured Home Equity Conversionstudent lending.Mortgages (HECMs) and closed out its years-long investigation of Wells Fargos opening of unauthorized accounts. The most notable federal regulatory developments outside of the CFPB were the Office of the Comptroller of the Currencys (OCC) True Lender Rule, and the U.S. Department of Housing and Urban Developments (HUD) final rule revising its disparate impact standards. 5'