WASHINGTON--The House Financial Services Committee will conduct a hearing Wednesday on reforming the CFPB to focus on protecting consumers from bad actors in the marketplace, America's Credit Unions reported.
The hearing, “A New Era for the CFPB: Balancing Power and Reprioritizing Consumer Protections,” will begin at 10 a.m. ET on Wednesday, and be streamed on the committee’s website.
America’s Credit Unions noted it has encouraged the CFPB to focus on bad actors, address unregulated nonbank lenders, and recognize credit union values.
CFPB Director nominee Jonathan McKernan said in his testimony before the Senate Banking Committee that he would ensure the bureau would center regulation on “real risks to consumers and by focusing its enforcement on bad actors.”