Blog: CFPB seeks larger role in bank regulation | News – Dodd Frank Update

On March 31, 2022, the Federal Deposit Insurance Corp. (FDIC) issued the “Request for Information and Comment on Rules, Regulations, Guidance, and Statements of Policy Regarding Bank Merger Transactions” (RFI). This RFI provided clear insight into the perceptions, concerns and goals of the administration under President Joe Biden regarding bank mergers.

The RFI was supported by the other banking regulators, whose directors sit on the board of the FDIC, including Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra. In public statements, Chopra expressed an eagerness to being the process of reviewing and changing bank mergers.

The RFI functioned as a clear notice that the status quo of bank merger approvals was set to be completely overturned by this new administration.

To read the rest of this story, please download our Real Estate Compliance Outlook special report.

This year’s report also examines the state and federal focus on data security, demand for change in the appraisal industry and what RESPA experts believe are the CFPB’s next moves.

 

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