A Reinvigorated CFPB

In the last 2 weeks I have read several articles on the expected tightening of regulations in the mortgage and financial sector. President Biden has selected Rohit Chopra to lead the CFPB and the first head of the CFPB, Richard Cordray, told Housing Wire that "Chopra's appointment will reinvigorate the CFPB, returning the watchdog to its original mission.

Mr. Chopra's expertise is with student loans and he is expected to help the President lead the fight in forgiving some student loan debt and possibly allowing student loans to be included in bankruptcy protection. But, I expect we will see more vigorous regulation in my industry too. I bet you Jamie Dimon, CEO of Chase, will soon announce that they will no longer originate FHA loans once again and I wonder if other big banks will do the same out of fear of being sued by the CFPB.