CFPB Rescinds Kraninger’s Policy on ‘Abusive Acts or Practices’

The Consumer Financial Protection Bureau announced it plans to change a Trump Administration policy and that it will now take enforcement and supervisory actions as a result of abusive acts or practices. It will no longer follow the policy instituted by former Director Kathy Kraninger that significantly narrowed the definition of “abusive acts or practices” and thus avoided enforcement actions under those terms. The new policy will take effect the day it is published in the Federal Register.

Luetkemeyer to Remain as Ranking GOP Member on House Subcommittee

Earlier this month it was announced that Rep. Ed Perlmutter (D-Colo.) will be chairman of the House Consumer Protection and Financial Institutions Subcommittee and now the Republicans have designated Rep. Blaine Lutkemeyer (R-Mo.) as the ranking Republican on that committee. Lutkemeyer’s position is of interest to credit unions as his family owns a community bank. On the Senate side, Sen. Sherrod Brown (D-Ohio) will be chairman of the Banking Committee and the ranking Republican will be Sen. Pat Toomey (R-Pa.). Priorities may be changing on the Senate side.

NCUA Board Facing Potentially Contentious Issues

The agenda for the January board meeting of the National Credit Union Administration has been released. On the agenda is a rule on Risk-Based Net Worth, an Advance Notice of Proposed Rulemaking on the simplification of Risk-Based Capital Requirements, a proposed rule on CUSOs, a notice of proposed rulemaking on the CAMELS rating system and the agency’s annual performance plan.