WASHINGTON—Sen. Tim Scott (R-SC), during a Senate Banking Committee hearing with CFPB Director Kathy Kraninger, specifically noted the regulatory burden credit unions face under the Bureau.
Scott went on to note credit unions' unique structure and that they provide safe, affordable financial products and services but struggle with one-size-fits-all regulation. Kraninger responded by saying the Bureau is working to address outdated regulations and reduce credit unions' regulatory burden.
Kraninger was delivering the Bureau's semiannual report to Congress. She testified before the House Financial Services Committee last week and also discussed a number of credit union issues, including the Bureau's enforcement authority under the Military Lending Act which was also discussed with the Senate panel.
Also discussed during the hearing were the bureau's data collection efforts.
Supervisory Highlights Released
Separately, the CFPB has released its 18th edition of Supervisory Highlights.
The report covers Bureau supervision activities generally completed between June 2018 and November 2018, and includes examination findings in the areas of automobile loan servicing, deposits, mortgage servicing, and remittances.
The report shares information regarding general supervisory and examination findings and the Bureau’s supervisory program, but does not impose any new or different legal requirements than those in relevant laws and regulations. The information is disseminated to help institutions better understand how the Bureau examines institutions for compliance, the agency said.
The latest edition of Supervisory Highlights is available at: https://files.consumerfinance.gov/f/documents/cfpb_supervisory-highlights_issue-18_032019.pdf