Preventing harm to consumers a key CFPB priority, Kraninger tells Congress

In the CFPB’s semi-annual report to Congress on Feb. 6, Director Kathleen Kraninger said that she remains resolved that the most productive use of bureau resources is the prevention of harm to consumers in concert with its many partners.

“Empowering consumers to protect and further their own interests is where our efforts begin,” Kraninger said. “The Bureau’s mission, as you are aware, is to ensure access to fair, transparent, and competitive markets for consumers.”

Executing that mission, Kraninger said, includes:

empowering consumers and turning financial education in action;
ensuring “clear rules of the road;”
ensuring a culture of compliance; and
holding bad actors to account and deterrence through enforcement.

Kraninger outlined some of the rulemaking and guidance that the bureau issued between April 1, 2019 and Sept. 30, 2019, including:

proposed and final rules on payday lending, vehicle title, and certain high-cost installment loans;
advance notice of proposed rulemaking on residential property assessed clean energy;
request for information on remittances;
proposed rule on debt collection practices (Regulation F);
advance notice of proposed rulemaking on the home mortgage disclosure act;
notice of proposed rulemaking on the home mortgage disclosure act;
advance notice of proposed rulemaking on ability-to-repay requirements and qualified mortgages;
final rule on home mortgage disclosure (Regulation C)-2019; and
TILA-RESPA integrated disclosure rule assessment.

Finally, Kraninger highlighted some of the bureau’s recent initiatives, including:

The Taskforce on Federal Consumer Financial Law, examining the existing legal and regulatory environment facing consumers and financial services providers;
memoranda of understanding with the U.S. Department of Education regarding student loan complaints (as previously reported);
guidance on abusive acts or practices (as previously reported);
assessing diversity at regulated entities; and
development of resources for paying for college.

“In this last year, the Bureau greatly enhanced consumer protection by more effectively and comprehensively utilizing the agency’s resources to meet our mission,” Kraninger said. “I remain committed to strengthening the Bureau’s ability to use all of the tools provided by the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act), and I have established and communicated clear priorities to Bureau staff for our work using the authorities provided by the Dodd-Frank Act to protect consumers.”

Kraninger’s full report can be accessed on the CFPB website.