WASHINGTON—The CFPB's Credit Union Advisory Council (CUAC) met this week via conference call alongside the Bureau's other advisory councils to discuss two of the Bureau's ongoing efforts related to implementing the Dodd-Frank Act: Section 1071 for small business lending data collection, and section 1033 for consumer access to financial data.
During the conference call, members heard from CFPB Director Kathy Kraninger on the Bureau’s Small Business Regulatory Enforcement Fairness Act (SBREFA) panel, which convened in October, and the status of its implementation of the Dodd-Frank Act’s Section 1071 for small business lending data collection, NAFCU reported.
On Section 1033, Kraninger said the Bureau has observed data being provided to companies for which consumers' consent was not given. In addition, Kraninger said the range of actors has expanded, and therefore the development of technologies for sufficient data sharing has grown.
Kraninger also provided an update on the status of mortgage market trends and themes specifically related to impacts from the coronavirus pandemic, stating “6.3 million consumers have received some sort of forbearance, we remain concerned about consumers that are behind on their mortgages but have not entered into a forbearance.”
Coronavirus-Related Items
She added that the Bureau has partnered with other groups to help assist consumers facing financial hardships, NAFCU said.
In addition, the CFPB is producing materials for coronavirus-related issues, Kraninger said, including an interagency housing website to act as a one-stop place for information to help consumers navigate their options as their forbearances come to an end.