President-elect Biden has tasked Leandra English, who fleetingly served whilst the BureauвЂ™s Deputy Director from November 2017 to July 2018, with leading their change teamвЂ™s overview of the Bureau, and some speculate that he can change Director Kraninger right after inauguration. [xxiv] A number of prospects are apparently regarding the list that is short change Director Kraninger, including a few whom served with all the Bureau throughout the national government. [xxv] irrespective of whom fundamentally gets control of as Director, observers concur that the CFPBвЂ™s priorities will soon be going to a far more active and aggressive position. For instance, on January 5, 2021, a CFPB task force [xxvi] of outside customer protection professionals circulated a study that certain task force user referred to as advocating a вЂњmuscular cfpbвЂќ which will вЂњfight for competition as well as customers.вЂќ [xxvii]
The new Director could make it a priority to revise the 2020 Rule on short term lending in order to reincorporate the mandatory underwriting provisions from the 2017 Rule in the payday lending space. [xxviii] But even minus the underwriting that is mandatory, the Bureau may pursue payday loan providers on a case-by-case foundation for financing practices so it considers to be predatory or вЂњunfair.вЂќ Under Director Cordray, the CFPB asserted that payday lendersвЂ™ practices harmed customers in several means, including: debiting customersвЂ™ bank accounts without their express, informed permission; lying about consumersвЂ™ liberties; threatening to report customers to credit rating agencies; and deceiving customers with false threats of appropriate action. [xxix] with regards to the facts and circumstances, the Bureau couldвЂ”as it did under Director CordrayвЂ”bring enforcement actions against payday lenders for вЂњunfairвЂќ practices in breach regarding the CFPA.
Particularly, into the wake of the COVID-19 pandemic, Senators Elizabeth Warren and Sherrod Brown articulated a necessity to вЂњprohibit loan companies from making use of predatory and intrusive measuresвЂќ through the pandemic and criticized the CFPB for вЂњenabling predatory financing.вЂќ [xxx] These statements declare that the Bureau, under a Biden Administration, may concentrate its enforcement efforts on creditors which have extended loans on terms it deems unfavorable to customers straight suffering from the pandemic.