Rachel Witkowski is a policy and regulation reporter at American Banker. She focuses on coverage of the OCC, FDIC, anti-money laundering and fintech regulation. Prior to her latest stint at American Banker, she worked for the Wall Street Journal covering fintech policy. She previously worked at American Banker covering the CFPB, where her investigative work was a finalist for a Jesse H. Neal award for business journalism.
The affordable housing market has dried up in major cities across the country. In response, regulators and lenders are looking into new programs to get people back into single-family homes while also exploring ways to encourage multifamily developments.
While most federal banking regulators use enforcement actions as a way to shape industry practices, the Consumer Financial Protection Bureau is taking that to a whole other level, frequently using orders as a substitute for new rules or guidelines.
The Consumer Financial Protection Bureau is receiving more pushback than fellow financial regulators from companies it hits with enforcement orders, likely as a result of the stronger wording the agency uses to publicize the actions.