McGuireWoods counsel Joseph Reilly was quoted in a March 1, 2021, Law360 article about Rohit Chopra's nomination to become the next permanent director of the Consumer Financial Protection Bureau.
The article highlighted what Chopra — who was unanimously confirmed to the Federal Trade Commission in 2018 — may face in his March CFPB confirmation. Expected points of interest by the Senate panel are Chopra’s pandemic response plans tied to consumer treatment by the financial services sector and the potential restoration of enforcement powers stripped from the CFPB's fair lending office during the Trump administration. Chopra also was expected to address issues of racial equity in financial services.
"It's very clear that disparate impact liability under the Equal Credit Opportunity Act is going to become a top enforcement priority at the Bureau again, so institutions are going to need to make sure that their fair lending programs can withstand scrutiny," Reilly said.