The bureau had already proposed removing the underwriting portion of the rule, but a judge in Texas has indefinitely delayed the other key component as well.
The changes will expand the role of the Consumer Advisory Board and other panels, but stopped short of reversing the downsizing ordered last year by former acting Director Mick Mulvaney.
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.
Readers consider Square's bid to become an industrial loan company, weigh the Federal Deposit Insurance Corp.'s oversight of brokered deposits and debate reforms to the Consumer Financial Protection Bureau.
In the face of tough questioning from House members, CFPB Director Kathy Kraninger appeared mostly unfazed and tried to strike a balance between heeding concerns about the agency’s power and supporting its mission to help consumers.
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.
The industry cheered the bureau’s proposed repeal of its ability-to-repay requirement, but another part of the rule — on account debit restrictions — was left intact, and some companies aren’t ready to comply.
The CFPB banned online payday lender NDG Financial, three corporate officers and nearly a dozen affiliated companies from lending to consumers in the U.S.
