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."
In its semi-annual report to Congress, the Consumer Financial Protection Bureau identified complaints and significant consumer issues with financial products and services.
In its Semi-Annual Report to Congress, the CFPB highlighted significant problems faced by consumers between October 1, 2018 and March 31, 2019.