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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.

Regulation by enforcement has not been a major concern for the financial industry since former Consumer Financial Protection Bureau (CFPB) Director Richard Cordray’s departure in November 2017.

However, the term was broached regarding a recent settlement by another federal agency – the Federal Trade Commission (FTC).

Find out why commissioners dissented from two charges levied against an online lender as a result of “regulatory overreach.”

The National Credit Union Administration (NCUA) unanimously approved an advance notice of proposed rulemaking (ANPR) requesting public comment on modernizing the agency’s regulation on compensation related to loans and lines of credit to members.

NCUA’s loan origination compensation (LO Comp) regulation covers direct or indirect commissions, fees or other compensation by credit union officials, employees or their family members in connection with loans made by the credit union.

Learn what specific feedback the agency is seeking from stakeholders.

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.

As fintech companies increase their presence in the banking industry through partnerships and other methods, the financial industry has been home to some mixed reactions.

Federal Deposit Insurance Corp. (FDIC) Chairwoman Jelena McWilliams and Comptroller of the Currency (OCC) Joseph Otting touched on the dynamic between fintechs and banks with Consumer Bankers Association (CBA) President and CEO Richard Hunt during the closing general session at CBA Live 2019.

Find out what the regulators had to say on the topic.

As his last official action as chairman of the National Credit Union Administration (NCUA) Board, J. Mark McWatters administered the oath of office to Rodney Hood on Monday. President Donald Trump tapped Hood to be the board’s 11th chairman.

The Senate confirmed Hood, along with Todd Harper, as the board’s newest members in March with support from the credit union industry.

Learn more details about what this means for Hood.

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.