- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
Critics are taking their shots against the CFPB for attempting to scale back its rules covering payday lenders. Lawmakers are also questioning the Bureau’s retreat from negotiating enforcement settlements that fail to include monetary restitution for customers.
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CFPB Director Kathleen Kraninger has reinstated the agency’s consumer advisory boards. It is currently accepting applications for members to serve on those boards, which were disbanded last year by her predecessor.
Rep. Maxine Waters, chair of the House Financial Services Committee, has written an open letter to CFPB employees urging them to be proud of their work and use a whistleblower hotline to report anything undermining those efforts.
Big Tech digital payment apps will be subjected to increased oversight and requirements–similar to that of banks and credit unions–under a finalized rule by the Consumer Financial Protection Bureau.
