Washington, D.C. (February 4, 2021) - It
is clear the Biden Administration plans big changes in the
leadership of the Office of the Comptroller of the Currency (OCC),
the Federal Deposit Insurance Corporation (FDIC), and the Consumer
Financial Protection Bureau (Bureau or CFPB). Together, these
federal regulators charter all national banks and thrifts, insure
all commercial banks and thrifts, and have jurisdiction over
non-depository consumer lenders. But the changes go beyond new
names - Janet Yellen as the new Treasury Secretary, Rohit Chopra as
the new CFPB Director, a yet-unnamed new Comptroller of the
Currency, and as many as four new FDIC Board members to join its
current Chairman. These changes will bring new policy directives,
more aggressive enforcement actions, and stricter regulatory
mandates. Here is a preview of what we can expect to see.
