Bradley attorney Robert Maddox was quoted in Inside Mortgage Finance predicting who may become the next CFPB director under a Biden presidency and what challenges lie ahead.
North Carolina Attorney General Josh Stein’s name has been floating around as a possible successor to Kathy Kraninger, the current CFPB director. Stein participated in the $25 billion settlement in 2012 as a representative of monitor Joseph Smith. Stein “coordinated with all the attorney generals,” explained Maddox.
One of the major mortgage issues a new CFPB director will need to address is COVID-19-related forbearance and likely record-high delinquencies next year, said Maddox. “We are going to see a significant push in the mortgage area related to COVID, the emergency shutdown orders and [servicers’ compliance with laws],” he added.
The original article, "Biden Wins. Who Will be the Next CFPB Director?" appeared in Inside Mortgage Finance on November 9, 2020.