NEW YORK (AP) — The nation’s consumer watchdog is signaling a more aggressive approach toward the financial services sectors after a few years of being on a tight leash.
Under President Biden, the Consumer Financial Protection Bureau has rescinded or scaled back a number of policies put in place by the Trump administration. And the bureau is staffing up in anticipation of taking a more active role in regulation and enforcement, as it did during the Obama administration.
This is all being done without the CFPB having a permanent director, an important position since the bureau’s authority comes from the director who is answerable only to the president. Dave Uejio, a long-time career employee of the bureau, has been the bureau’s acting director since Trump’s appointee Kathy Kraninger resigned the day Biden was sworn into office.
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