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The Consumer Financial Protection Bureau (CFPB) will appoint Eric Halperin, a longtime consumer advocate and former US Department of Justice official under the Barack Obama administration, as its new director of enforcement. This is according to the original Bloomberg Law report, based on conversations with internal CFPB sources who wished to remain anonymous.
Halperin is expected to be appointed by CFPB director Rohit Chopra in the coming days, according to information that informed the report.
News of Halperin’s impending appointment also follows news of the aggressive expansion of the Office of his Enforcement Division, in which he added 20 to 30 enforcement lawyers to his staff with a view to expand its fair loans and highlight enforcement actions according to recent report at Wire Housing.
In Halperin’s case, he worked in the Obama-era Justice Department in the Civil Rights Division from 2010 to 2014, before becoming Acting Deputy Attorney General in charge of the Law Enforcement Program on fair housing, fair loans and civil rights division employment. . Currently, Halperin is the Executive Director of the Civil Rights Corps, which describes itself as “a nonprofit organization dedicated to addressing systemic injustice in the United States legal system.”
Chopra was confirmed by the US Senate as CFPB’s third director at the end of September, with his confirmation coming after a series of procedural and political complications, with interim director Dave Uejio – now on track to take on a new role in the department. Housing and Urban Development Agency (HUD) – at the head of the CFPB since former director Kathy Kraninger resigned the same day President Joe Biden took office.
The CFPB is responsible for regulating the reverse mortgage industry at the national level. Prior to Chopra’s confirmation, the CFPB had taken two notable steps against reverse mortgage lenders during the Biden administration, both geared in some way towards advertising the industry.
The first took place last April, after the Bureau colluded with Mahwah, New Jersey-based Nationwide Equities for advertising practices it called “misleading,” accusing the lender’s documents of having violates the Mortgage Laws and Practices Advertising Rule (MAP Rule), the Truth in Lending Act (TILA) and the Consumer Financial Protection Act of 2010 (CFPA).
More recently, the CFPB struck a deal with reverse mortgage industry leader American Advisors Group (AAG) alleging the lender sent misleading and inflated direct mail estimates to borrowers to convince consumers to take out a mortgage. inverted. The direct mail announced a significant “estimated home value”, according to the court record, which the CFPB said was inflated in a joint complaint.
Read the story on The pending appointment of Halperin to Bloomberg Law.
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