Financial Services Enforcement Actions Tracker

In alignment with previous observations on market trends, insights, and experience, Guidehouse continues to see more aggressive regulatory enforcement. With revived approach and focus on consumer protection, financial regulators have reflected on the most common violations during 2021. Guidehouse believes the resulting violations in areas such as mortgage servicing, fair lending, payday, and remittances, will be a focal point in 2022.

• October 21, 2021: The Consumer Financial Protection Bureau (CFPB) targeted tech giants Amazon, Apple, Facebook, Google, PayPal, and Square by ordering the firms to provide information on how they’re collecting and using customers’ financial data.
• October 22, 2021: Continued collaboration of regulators as the Justice Department (DOJ) announced launch of the Combatting Redlining Initiative, supported by the CFPB and the Office of the Comptroller of the Currency (OCC).
• December 7, 2021: The CFPB issued final rule to facilitate transition from the LIBOR interest rate index for consumer financial products, effective April 1, 2022.
• December 17, 2021: With continued focus on consumer protection, the OCC released revised interagency Home Mortgage Disclosure Act (HMDA) examination procedures, effective January 1, 2022.

Guidehouse anticipates enhanced supervisory oversight, acceleration of cross-agency collaboration, and enforcement actions throughout 2022. Given that, financial institutions should expect modifications of existing and proposal of new laws and regulations, as well as focus on data and technology resilience. Developing strategies to identify and mitigate emerging risks, such as in data privacy and protection, will become essential.

Guidehouse’s Financial Services Enforcement Actions Tracker compiles publicly available data from both federal and state regulators regarding quarterly enforcement actions against financial institutions. First published in 2016, the Tracker showcases the types of activities that consumer finance-focused regulators are currently monitoring and helps the audience better address the trends and challenges in today’s regulatory environment. Download the PDF for the full report.

Special thanks to Perry Clark and Nina Jankovic for contributing to this article.