Since taking office, the new presidential administration has taken significant actions that have reduced the role and influence of the Consumer Financial Protection Bureau.
On Feb. 7, President Donald Trump appointed the director of the U.S. Office of Management and Budget, Russell Vought, as acting director of the CFPB. Vought swiftly ordered a pause on new rulemaking, enforcement investigations, litigation, public communications, supervision and examination activity, and other work of the agency. The suspension of rulemaking, supervision and enforcement activity at the CFPB remains in place.
This article examines the impact of recent activity on bank-fintech partnerships and what the industry should consider in light of the change in administration.
LINKS
Read "The Current And Future State Of Bank-Fintech Partnerships," co-authored for Law360 by Shane Foster, Marina Olman-Pal, Jera L. Bradshaw, and Lisa Lanham. (subscription)
Click the media link below to download a PDF.