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CFPB Director Testifies before House Financial Services Committee

CFPB Director Kathleen L. Kraninger testified before the House Financial Services Committee on regulatory developments at the agency. Director Kraninger described several developments noted in the CFPB Semi-Annual Report to Congress, including:

  • areas where legislation could be adopted to benefit consumers, particularly servicemembers and military families;

  • the establishment of the Taskforce on Federal Consumer Financial Law to "harmonize" and update federal consumer financial laws;

  • rule changes, including (i) changes to payday lending rules, (ii) proposed amendments to CFPB Regulation F (the "Fair Debt Collection Practices Act"), (iii) the temporary qualified mortgage definition, and (iv) proposed changes to the rules under the Home Mortgage Disclosure Act (or "HMDA");

  • "significant" problems experienced by consumers, such as (i) unexpected expenses as a result of natural disasters, (ii) how servicemembers can best access mortgage options and (iii) a lack of control over financial expenses;

  • justification of the CFPB's budget request;

  • analyses of consumer complaints between April 2018 and March 2019;

  • assessments of the 20 public enforcement actions announced by the CFPB in 2019;

  • initiatives to increase CFPB staff diversity;

  • a review of the CFPB's efforts concerning fair lending under the Dodd-Frank Act; and

  • the impact of specific rules previously passed, as well as updates to advisory committees.

House Financial Services Committee Chair Maxine Waters (D-CA) criticized Ms. Kraninger's leadership, saying that the CFPB has experienced a "decline in its redress for harmed consumers."

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  • CFPB Reports on Issues Faced by Consumers

    In its Semi-Annual Report to Congress, the CFPB highlighted significant problems faced by consumers between October 1, 2018 and March 31, 2019.

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