October 15, 2019

This week: Kraninger gives CFPB update as Congress returns

CFPB's Kraninger will testify in front of the House and Senate this weekAfter a two-week recess, the House and Senate are back in session today. NAFCU will continue its advocacy efforts on a number of key credit union issues, including the FY 2020 National Defense Authorization Act, and CFPB Director Kathy Kraninger will provide an update on the bureau's efforts to the House Financial Services Committee and Senate Banking Committee Wednesday and Thursday, respectively.

At NAFCU's Congressional Caucus, Kraninger emphasized the need for cost benefit analysis when it comes to solid policymaking, as well as the need to preserve consumer choice in policies and rulemakings. The bureau is currently considering ways to reduce the burden of Home Mortgage Disclosure Act compliance while ensuring data collection and reporting meet the law's statutory objectives to eliminate discriminatory lending.

The CFPB is also pursuing efforts to increase innovation in the financial services marketplace. NAFCU is currently seeking comment from members on the CFPB's proposed "tech sprints," and has a Final Regulation available on the bureau's recently issued innovation policies. NAFCU President and CEO Dan Berger has urged regulators and lawmakers to enact regulation to achieve a level playing field between fintech companies and traditional financial institutions. He shared the association's new fintech whitepaper with a number of industry leaders, including Kraninger.

A number of House Financial Services subcommittees will also hold hearings throughout the week to:

Also happening this week: