Senate Committee Members Consider CFPB Semi-Annual Report

The U.S. Senate Committee on Banking, Housing and Urban Affairs considered testimony from CFPB Director Kathleen L. Kraninger on the Bureau's Spring 2020 Semi-Annual Report.

Testimony

In her testimony, Ms. Kraninger identified four key areas of focus for the CFPB: (i) providing financial education resources, (ii) implementing clear rules that encourage "competition, increase transparency, and preserve fair markets," (iii) ensuring a "culture of compliance" and (iv) following a consistent enforcement regime.

Ms. Kraninger noted the CFPB's efforts to address discrimination. Specifically, she stated that the CFPB referred four enforcement matters to the DOJ regarding discrimination under the Equal Credit Opportunity (or "ECOA") Act Section 706(g). These include "redlining in mortgage origination based on race and/or national origin."