The bureau's director, Kathy Kraninger, faced a barrage of criticism from Senate Democrats on the agency's lack of enforcement actions, a reversal on Military Lending Act examinations and changes to the payday loans rule.
The new accounting standard won’t make community institutions safer, though implementation is proving burdensome and could restrict access to credit, argues Rep. Blaine Luetkemeyer.
The upstart lenders have been chipping away at credit cards’ consumer-lending dominance by offering fixed-rate loans with predictable repayment plans. Now the card giants are fighting back.
Under the recently appointed Director Kathy Kraninger, the bureau has the opportunity to address numerous problems with its collection and presentation of consumer grievances.
The Atlanta company, which reported fourth-quarter results Tuesday, will test the partnership in five cities as part of an ongoing effort to add new sources of revenue.
Senate Democrats are pushing the CFPB to resume examinations under the Military Lending Act, according to a letter sent to the agency's director on Tuesday.