Biden’s CFPB Focuses On Debt Collection As Early Priority

Every new presidential administration gets to make its imprint on regulations — and by extension, the financial services industry.

In the midst of grappling with the pandemic and the headwinds still buffeting the U.S. economy, the President Joe Biden administration may be gearing up to take a closer look at the way firms, particularly debt collectors and payday lenders, interact with consumers.

That means the Consumer Financial Protection Bureau (CFPB) may become more active in various ways than had been seen under the previous administration, including more scrutiny over how companies charge and collect fees, or go after what’s owed to them. We may even see changes, elsewhere, governing how Wall Street operates as far as retail investors are concerned.