WRLD - Financial firms seek CFPB settlements before election - WSJ

A number of mortgage lenders and fintech firms are working with the U.S. government's Consumer Financial Protection Bureau in the hopes of resolving their cases quickly on the expectation that the agency under a Biden administration would extract harsher penalties, the Wall Street Journal reports, citing people with knowledge of the cases.The article didn't name specific companies taking such an approach.If Joe Biden wins the presidency in the Nov. 3 election and replaces the CFPB Director Kathy Kraninger, “you will see some pretty big changes pretty quickly, both on the enforcement and rule-making side,” said Dennis Kelleher, chief executive at Better Markets, a group that lobbies for tighter financial regulations. “It’s one of the very few places where you could easily see a 180-degree turn.”The agency, the brainchild of Sen. Elizabeth Warren, was formed in 2011 in the wake of the financial crisis with the mission of protecting consumers, whereas

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Financial firms seek CFPB settlements before election - WSJ