The Consumer Financial Protection Bureau needs a process for prioritizing financial risks to consumers, the U.S. Government Accountability Office (GAO) found in a recent report.
The CFPB initiated a process in 2015 to use market data and other information to set policy priorities. The bureau collected and monitored routine market data and other market intelligence from a variety of sources to identify emerging risks that require attention. One of the sources is the CFPB’s complaint database. However, it ended the process in 2017 and has not determined if it will continue to use it. The GAO report said the bureau “currently lacks a systemic, bureau-wide process for prioritizing financial risks to consumers and considering how it will use its tools … to address them.”
The GAO acknowledged the bureau’s efforts to retrospectively assess significant rules, including the remittance rule, ability-to-repay (ATR)/qualified mortgage rule, and Real Estate Settlement Procedures Act (RESPA) servicing rule.
The National Association of Federally Insured Credit Unions (NAFCU) works closely with the bureau to ensure its rulemakings don’t burden credit unions. The NAFCU board met with CFPB leaders in December to discuss the bureau’s 2019 priorities. Among those priorities are rules related to payday lending, the Home Mortgage Disclosure Act (HMDA), debt collection and the TILA/RESPA integrated disclosure (TRID) rule. NAFCU also discussed qualified mortgages with bureau officials. Additionally, NAFCU President and CEO Dan Berger outlined the key issues impacting credit unions with new CFPB Director Kathy Kraninger.