THIS WEEK: Kraninger before Senate Banking; Wells Fargo testimony; CFPB council meetings; NCUA meeting agenda

March 9, 2020 CFPB, NCUA 0

This week “springs forward” on the financial regulatory front, with consumer bureau director Kathleen Kraninger testifying before the Senate Banking Committee, Wells Fargo officials getting grilled in the House Financial Services Committee, a webinar on consumer debt relief, next week’s agenda for the federal credit union regulator’s board meeting, and more.

Details below.

Tuesday

  • Consumer Financial Protection Bureau (CFPB) Director Kraninger will testify before the Senate Banking Committee at 10 a.m. ET on a semiannual report covering the bureau’s activities from April through September 2019. Kraninger has also recently said her agency plans to revise the qualified mortgage (QM) requirements of the Truth in Lending Act integrated mortgage disclosures (TRID) rule to address the impending expiration of the rule’s “GSE patch” (a provision treating all loans made for purchase by Fannie Mae or Freddie Mac as QM-eligible regardless of the 43% debt-to-income cap that would otherwise apply). A proposal is expected in May, she said.
  • “Holding Wells Fargo Accountable: CEO Perspectives on Next Steps for the Bank that Broke America’s Trust,” is the title of a hearing slated Tuesday by the House Financial Services Committee. The hearing is set for 10 a.m. and will feature witness Charles W. Scharf, Wells Fargo’s president and CEO.
  • Also on Tuesday, the CFPB will hold an online discussion of options in consumer debt relief. The all-day session, set to begin at 9 a.m., is titled “Evolutions in Consumer Debt Relief” and will explore options for consumers facing unmanageable unsecured debt and limited credit options.

Wednesday

  • The House Financial Services Committee will hold the second in a series of hearings on Wells Fargo’s misdeeds. Titled “Holding Wells Fargo Accountable: Examining the Role of the Board of Directors in the Bank’s Egregious Pattern of Consumer Abuses,” this 10 a.m. hearing includes two witnesses: Elizabeth A. Duke, the bank’s chair; and James H. Quigley, Wells Fargo’s independent chairman.
  • A two-day meeting of the CFPB Consumer Advisory Board (CAB), Community Bank Advisory Council (CBAC), and Credit Union Advisory Council (CUAC) is scheduled. The meeting will focus on broad policy matters related to the bureau’s unified reg agenda and general scope of authority. The meeting includes a public portion that can be viewed online.
  • The National Credit Union Administration (NCUA) will also hold a webinar on financial inclusion. Slated for 2 p.m. and lasting one hour, the webinar, “Financial Inclusion: Pathways to Serving the Underserved,” focuses on service to low-income and underserved communities and will include speakers from the NCUA and the Consumer Financial Protection Bureau (CFPB).

Thursday

  • At about 3 p.m., the NCUA Board will release the agenda for its March 19 open meeting.

Friday

  • The CFPB Academic Research Council (ARC) will meet from 10:30 a.m. to 4:15 p.m. to discuss methodology, direction for consumer finance research, and broad policy matters related to the bureau’s unified reg agenda and general scope of authority.