Contending that complaints about consumer reporting agencies have soared, a coalition of consumer groups on Thursday called on the Consumer Financial Protection Bureau to rescind guidance giving the agencies an extended period of time to resolve complaints.
Consumer Financial Protection Bureau Director Kathy Kraninger last week announced the appointment of new members to the agency’s Credit Union Advisory Council.
The Consumer Financial Protection Bureau would not exempt credit unions from the requirement to report lending to women-owned businesses, minority-owned businesses, and small businesses to the agency, according to an initial proposal being circulated by the bureau.
Credit union trade groups have sought a blanket exemption from the reporting required under the Dodd-Frank Act.
Kirsten Sutton, chief of staff for Consumer Financial Protection Bureau Director Kathleen Kraninger, has been named senior vice president and executive director of the American Bankers Association’s Card Policy Council.
The Card Policy Council handles legislative, regulatory and communications issues facing credit card issuers and payment card networks.
Five Democrats on the Senate Banking Committee are accusing Consumer Financial Protection Bureau Director Kathleen Kraninger of “coddling” large banks and mortgage servicers while failing to help borrowers.
The Consumer Financial Protection Bureau is asking at least three federal courts to affirm decisions the agency has made, even though the U.S. Supreme Court ruled earlier this summer that the structure of the agency was unconstitutional.
The Consumer Financial Protection Bureau may have rescinded large parts of its payday lending rule, but the parts that remain are “unnecessary, arbitrary, capricious, overreaching, procedurally improper, and substantially harmful to lenders and borrowers alike,” associations representing payday lenders said last week, in an amended suit challenging the rule.
The Consumer Financial Services Association of America and its Texas affiliate had challenged the strict payday lending rule issued during the Obama Administration in the U.S. District Court for the Western District of Texas in 2018.
The Consumer Financial Protection Bureau will now subject its important research to peer review examination, the agency announced last week.
While the announcement may seem innocuous, the agency’s review of key research—ranging from its regulation of arbitration agreements to payday lending—has been questioned in the past.
With a federal court settlement holding their feet to the fire, Consumer Financial Protection Bureau officials still are attempting to gauge the impact that the collection of race, sex, and ethnicity from credit applications would have on small financial institutions.
A Consumer Financial Protection Bureau proposal to allow financial services providers and trade groups to apply for advisory opinions would help bring more certainty to the regulatory process, credit union trade groups said last week.
A coalition of consumer groups warned that the proposal would circumvent the regulatory process that is designed to protect consumers.