Congress has taken several recent actions that affect the CFPB. For example, the Consumers First Act recently passed the Hours of Representatives. The Act would establish administrative requirements for the Agency (i.e., codifying the Office of Fair Lending & Equal Opportunity, setting staffing levels, etc.). Likewise, Democrats have held hearings to examine Kraninger's enforcement decisions, as well as anti-discrimination and fair lending practices. Democrats have also introduced legislationthat focuses on consumer credit bureaus, which seeks to regulate the dispute process. One other noteworthy congressional action is the imposed interest rate caps on installment and payday loans, credit cards, and other credit products that fall under the "rent-a-bank" scheme.
Join this webinar and discover the impact that Congress's CFPB-related actions will have on your bank.
Learn more about Carly Souther’s webinar New CFPB Expectations: Compliance in 2020