Members of the House Financial Services Committee chastised Kathy Kraninger for not supervising student loan servicers and failing to examine firms for compliance with the Military Lending Act.
In a letter to CFPB Director Kathy Kraninger, the Democratic senators argue that task force members cannot be trusted to protect consumers because they have represented payday lenders or Wall Street banks, or worked at law firms that do so.
In the past, the agency cited the legal term in enforcement actions without stating what it meant, but Director Kathy Kraninger has sought to give the industry clearer guidance.
Democratic lawmakers, state attorneys general and others filed briefs with the Supreme Court rebutting claims that the agency’s leadership structure is unconstitutional.
New legislation in Congress seeks to do away with a data-collection mandate that addressed discrimination in business lending. The repeal measure has the support of two bank industry groups based in Washington.
Policymaking has moved at an agonizingly slow speed compared with the exponential growth of technology, leaving regulators and lawmakers facing a huge task over how to keep up.
