CFPB Director Presents Agency Agenda
On April 17, 2019, the Consumer Financial Protection Bureau (CFPB) Director, Kathleen L. Kraninger, spoke at the Bipartisan Policy Center on her agenda for the agency. She has been the director of the CFPB since December 2018. Director Kraninger discussed the upcoming Fair Debt Collection Practices Act (FDCPA) proposed rules, which she feels are overdue because the FDCPA has not kept pace with the technological advancements since its adoption in 1977. She mentioned the CFPB will take a fresh look at their examination process including frequency of exams and the testing systems currently utilized. There will be a symposium on clarifying what constitutes abusive acts or practices and exploring the issue of whether further rulemaking is needed in that area. Director Kraninger stressed that she hopes the CFPB’s emphasis on prevention of compliance violations translates into less enforcement actions.
CLA’s financial institution regulatory compliance team assists banks and credit unions nationwide in establishing regulatory compliance programs, conducting compliance testing, and training staff on regulations. Justin Robinson is a member of CLA’s regulatory compliance team and can be reached at justin.robinson@CLAconnect.com.
Comments are closed.