CFPB

The Consumer Financial Protection Bureau (CFPB) has four tools at its disposal to accomplish its main objective of preventing consumer harm, Kathy Kraninger said during her first public presentation since becoming director.

She also announced plans for a new series to facilitate dialogue with stakeholders, starting with a discussion about how to define “abusive” in Section 1031 of the Dodd-Frank Act.

Find out what specifics she offered as to how the bureau can achieve its objectives.

Given Consumer Financial Protection Bureau (CFPB) Director Kathy Kraninger’s expressed intent to focus the bureau on preventing consumer harm with an emphasis on consumer education and industry-friendly supervision, certain estimated spending reductions in the agency’s annual performance plan for fiscal year 2019 stand out.

The performance plan estimates reductions in spending in many categories related to consumer education and supervision.

Find out details about the reductions and the bureau’s behind the numbers.

In an effort to facilitate proactive and transparent dialogue about topics affecting the financial marketplace, the Consumer Financial Protection Bureau (CFPB) will be hosting a symposia series featuring panels made up of an assortment of industry stakeholders.  

The series is conceived as a means to help the CFPB with its policy development process, including possible future rulemakings.

Find out more details about the series.

When it comes to shaping the regulatory and business environment to best serve the needs of banks and consumers, shortsightedness and lack of consistency may be two of the greatest obstacles facing the financial industry today.

In a 1-on-1 sitdown with Dodd Frank Update at CBA LIVE 2019 in Washington D.C., Consumer Bankers Association President and CEO Richard Hunt detailed his views on the need for cooperation among federal regulators.

Read on for all the details from our interview with Hunt.

Credit unions have thrown support behind bipartisan legislation that would exempt loans made to veterans from counting against credit union’s member business lending (MBL) cap.  

The Veterans Member Business Loan Act would exclude extensions of credit made to veterans from the definition of a member business loan. The legislation was introduced by Reps. Vicente Gonzalez (D-Texas), Tulsi Gabbard (D-Hawaii), Paul Cook (R-Calif.) and Don Young (R-Ark.).

Learn more information about the newly proposed legislation.

Numerous financial trade associations have urged the Consumer Financial Protection Bureau (CFPB) to extend a temporary exception from Regulation E remittance disclosure requirements extended to insured depository institutions. 

In a letter addressed to CFPB Director Kathy Kraninger, the trade groups noted that their contention about the feasibility of providing exact remittance pricing information is supported by a CFPB remittance rule assessment published in October 2018. 

Find out more details about the points raised by the trades.

Citing some of the historic difficulties that have plagued federal banking agencies, Consumer Financial Protection Bureau (CFPB) acting deputy director Brian Johnson suggested that the best regulator for the financial industry may be the marketplace itself during a recent speaking engagement.

Johnson’s philosophy stands in stark contrast to the approach championed by one of his predecessors from the Richard Cordray era at the bureau.

Find out more details about Johnson’s views and how they compare to the bureau’s previous philosophies.

The Consumer Financial Protection Bureau (CFPB) recently announced the publication of the first set of modified Loan Application Registers (LARs) mandated by the 2015 Home Mortgage Disclosure Act (HMDA) rule.

Per the rule, much of the detailed information included in the LARs has been modified in a way designed to protect sensitive borrower information.

Find out more details about the published data.

Consumer Financial Protection Bureau (CFPB) Director Kathy Kraninger has been chosen to serve a two-year term as chairwoman of the Federal Financial Institutions Examination Council (FFIEC).

The FFIEC chairmanship rotates among the prudential regulators and the CFPB every two years along a set schedule, affording Kraninger the opportunity to become the first CFPB director to chair the council despite only being three months into her five-year term leading the bureau.

Read on to get more details about Kraninger’s appointment.

The proprietors of a debt relief service accused of charging customers illegal fees have settled for disgorging only a fraction of their resulting ill-gotten gains and paying virtually nothing in civil money penalties in a deal with the Consumer Financial Protection Bureau (CFPB).

The defendants provided financial records which the CFPB deemed sufficient to suspend and substantially reduce the fines and redress they would be obligated to pay.

Find out more details about the operation and the bureau’s settlement requirements.