Having survived the Trump Administration, the Consumer Financial Protection Bureau should reassert its authority and issue tough rules on payday lending, overdraft fees and debt collection, U.S. PIRG, a public interest and consumer group, said in a new report.
Members of a House subcommittee and financial services experts agreed Wednesday that providing financial services to the unbanked should be a high priority for policymakers.
But they did not agree on how to solve the problem.
The Consumer Financial Protection Bureau will issue a Notice of Proposed Rulemaking by the end of September on the collection of race, sex, and ethnicity information from credit applications, according to court documents.
Republicans on the House Financial Services Committee are accusing Consumer Financial Protection Bureau Acting Director Dave Uejio of overstepping his authority by taking actions that traditionally would be reserved for a Senate-confirmed director.
Republicans on the Senate Banking Committee are accusing Consumer Financial Protection Bureau Director-nominee Rohit Chopra of stonewalling and refusing to answer questions about allegations that career employees are being pushed out of the agency.
If President Biden’s Executive Order on competition is any indication, banker arguments that credit unions pose an unfair competitive threat may not be gaining traction in the White House.
Efforts by financial institutions to help people by advancing federal Economic Impact Payments seem to have backfired, resulting in overdraft fees and other problems, the Consumer Financial Protection Bureau reported in its latest bulletin on problems faced by consumers during the pandemic.
Credit union trade groups are warning Congress that proposals to establish a public credit reporting agency within the Consumer Financial Protection Bureau would give the agency enormous new power that it should not have.
The National Credit Union Administration is an above-average place to work, but the Consumer Financial Protection Bureau ranks far lower, according to the annual “Best Places to Work in the Federal Government” survey conducted by the Partnership for Public Service.
The Consumer Financial Protection Bureau on Monday said it will not impose a moratorium on mortgage foreclosures until the end of the year but will impose “temporary safeguards” to ensure that homeowners with pandemic-related hardships have time to make payments on their homes.