Bloomberg reports that industry observers are paying close attention to the Consumer Financial Protection Bureau (CFPB), especially as a 2020 Supreme Court case held that the CFPB Director position—which was previously a 5-year appointment that could only be terminated “for cause”—is now subject to serve at the pleasure of the President. Many expect that any Biden nominee would more aggressively target banks and lenders for violations and enforcement actions, in contrast to the relatively limited number of such actions that have taken place during the Trump administration. Short-list contenders include current Federal Trade Commission member Rohit Chopra, current Rep. Katie Porter (D-CA), and Patrice Ficklin who works at the CFPB and helped launch its fair lending office.

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