Kate Berry

The proposed rollback of underwriting requirements for small-dollar lenders could redefine a legal doctrine that governs rules affecting other companies as well.

Assemblywoman Monique Limon is in the “early stages” of exploring how to create a state-level Consumer Financial Protection Bureau as part of a broader push for more consumer protection for state residents.

The state's financial regulator says Fast Money Loan charged consumers interest rates and fees above the state's usury cap, and operated unlicensed storefronts.

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.

The 2020 budget would add the Consumer Financial Protection Bureau and FSOC to congressional appropriations, charge lenders for FHA upgrades and require universities to have skin in the game on student loans.

Following a congressional mandate, the consumer bureau solicited public feedback on Property Assessed Clean Energy loans, which have been deemed risky by the Federal Housing Administration.

The bureau wants to further remove the threat of legal liability for firms that test products benefiting consumers, but the attorneys general say the agency cannot provide immunity from state law.

In a major victory for small-dollar lenders, the agency plans to rescind underwriting requirements that were the centerpiece of the rule drafted by a Democratic appointee.

Absent some policy change, nearly a third of the loans backed by Fannie Mae and Freddie Mac could be in violation of the Consumer Financial Protection Bureau's Qualified Mortgage rule in two years.

Chris D’Angelo, the CFPB's associate director of supervision, enforcement and fair lending, is leaving the bureau after eight years to become a chief deputy attorney general in New York state.

In her New Year’s message, CFPB Director Kathy Kraninger called on the agency to ensure that consumers are treated fairly and that “the marketplace is innovating.”

The biggest question is whether new CFPB Director Kathy Kraninger will deviate from the pro-industry policies of her predecessor, or bring continuity.

Democrats on the House Financial Services Committee are expected to shine a spotlight on Trump-appointed regulators, but that light might shine brightest on one agency in particular.

A motion to limit debate on the nominee to run the consumer bureau passed along strictly party lines, setting the stage for her to be confirmed as early as next week.

Kathy Kraninger, who may get a confirmation vote as early as this week, has suggested a similar vision to that of the agency’s current acting chief. But some see signs she could bring a different approach to the job.

The agency alleges the subprime auto lender violated consumer finance laws by misrepresenting the level of guaranteed insurance protection.

The bureau says it lacks explicit authority to conduct routine supervision of lenders’ compliance with service member protections, but the decision has sparked pushback from the Defense Department and groups representing military personnel.

The agency wants more information as it conducts fair-lending exams, but conflicting statutes make writing a data collection rule difficult.

Seth Frotman, whose student lending unit had been gutted in May, said the bureau's current leadership "has abandoned its duty to fairly and robustly enforce the law.”

Several states pledged to compensate for a slowdown in enforcement at the Consumer Financial Protection Bureau under Mick Mulvaney, but their efforts have been complicated by tight budgets and doubts over whether such initiatives are necessary.