Bureau of Consumer Financial Protection (BCFP) update

by John McKenzie, Joe Guilfoy | Dec 07, 2018
With yesterday’s U.S. Senate confirmation of Kathy Kraninger as the new director of the BCFP, this email provides an update on potential regulations that could be focused on at the bureau during 2019. Kraninger replaced Mick Mulvaney, who has been functioning as acting director of the bureau while also being the Office of Management and Budget Director.
If Kraninger continues on the path laid out by Mulvaney, then based on unofficial indications from staff at the BCFP, the primary regulations focused on in 2019 would include:
  • A re-write of the payday lending rule after the rule developed under prior BCFP Director Richard Cordray was previously withdrawn
  • The statutory requirement of a review of HMDA
  • Third-party debt collection
  • TRID
  • Mortgage servicing

While this is not the official list, and Kraninger could adjust the current path that this list represents, the good news is that overdraft protection is considered to be at the bottom of the list for 2019, or not on the list at all. We will be monitoring developments in this transition of the director position to see if overdraft protection can remain at the bottom of the list or off it completely.

Also, as covered in a prior email, Bryan Price, President/CEO of Indiana University CU, serves on the seven-member Credit Union Advisory Council at the BCFP. The council represents the national CU system.
If you have any questions, or feedback, please let us know at johnm@icul.org or joeg@icul.org, or at (800) 285-5300, ext. 5320 (John) or ext. 5313 (Joe). Thanks.