Review of the Consumer Financial Protection Bureau (CFPB) Performance
January 1, 2021
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The Frame
This hearing serves as a formal oversight mechanism for the CFPB, which regulates financial products and services used by millions of Americans, including mortgages, credit cards, and student loans.
Potentially affected actors named in the source documents. Mention is not a position.
Consumer Financial Protection Bureau
The agency is subject to congressional oversight and must defend its policy decisions and enforcement record.
Financial Institutions
These entities are subject to the regulatory standards and enforcement actions determined by the CFPB.
Consumers
Consumers are the intended beneficiaries of the CFPB's regulatory oversight of financial products and services.
Last recorded activity January 1, 2021.
Next step not available in the current record.
Summary
Key Facts
- The hearing took place on February 6, 2020, as a semi-annual review of the CFPB.
- The committee reviewed a policy statement issued by the CFPB regarding the prohibition of unfair, deceptive, or abusive acts or practices (UDAAP).
- Chairwoman Waters expressed concern regarding the CFPB's recent policy changes, alleging they reduce the agency's ability to penalize financial institutions for abusive practices.
- Director Kathleen Kraninger provided testimony and written responses to questions from committee members.
- Additional materials were submitted for the record, including correspondence regarding Upstart Network, Inc. and a statement from the Student Borrower Protection Center.
Frequently Asked Questions
What is the purpose of this hearing?
What specific policy was criticized during the hearing?
Why It Matters
This hearing serves as a formal oversight mechanism for the CFPB, which regulates financial products and services used by millions of Americans, including mortgages, credit cards, and student loans.
News Coverage
Sponsors
Discoveries
Patterns POLISCOPE noticed across the record. These are observations to investigate, not conclusions.
CFPB Enforcement Policy Change
The hearing highlights a specific shift in how the CFPB interprets its authority to penalize unfair or abusive financial practices under the Dodd-Frank Act.
Connected Entities
Sources
www.govinfo.gov
Analysis Score
0–100- Significance75How much this matters to a regular citizen
- Controversy65Intensity of disagreement among stakeholders
- Entertainment30Compellingness for a non-policy-wonk reader
- Buzz20Current news / social attention level
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