The CFPB has issued its Fall 2019 Semi-Annual Report to Congress covering the period April 1, 2019 through September 30, 2019.

The report represents the CFPB’s third semi-annual report under Director Kraninger’s leadership and continues the practice of the prior two reports of not providing aggregate numbers for how much consumers obtained in consumer relief

On Wednesday, February 5, the House Financial Services Committee will hold the first part of a two-part hearing on “rent-a-bank” structures. The hearing is titled “Rent-A-Bank Schemes and New Debt Traps: Assessing Efforts to Evade State Consumer Protections and Interest Rate Caps.”  (Part Two is scheduled for February 26.)

The Committee Memorandum for Part

The Student Borrower Protection Center has sent a letter to CFPB Director Kraninger urging her to designate the National Student Clearinghouse as a “consumer reporting agency,” supervise it as a “larger participant,” and add it to the CFPB’s public list of CRAs.  The letter is signed by Seth Frotman, who formerly served as the CFPB’s

The CFPB has issued a policy statement to clarify the Dodd-Frank Act’s abusiveness standard.  The policy statement, which is applicable as of January 24, 2020, states that it describes “certain aspects of how [the Bureau] intends to approach its use of the abusiveness standard in its supervision and enforcement matters going forward.”

In the Supplementary

The CFPB published a policy statement in today’s Federal Register to announce that, going forward, it is establishing a new “Compliance Aids” designation for certain Bureau guidance.  The policy statement becomes applicable on February 1, 2020.

In the Supplementary Information accompanying the Policy Statement, the Bureau gives examples of compliance resources it has previously released.  

On January 31, the University of Utah S.J. Quinney College of Law will hold a program, “Consumer Protection in the Trump Administration,” at which CFPB Director Kathy Kraninger will deliver remarks.  The program, which is part of the University’s 2020 Law and Biomedicine Colloquium, is free and open to the public.

Director Kraninger