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Latest On CFPB: Public Complaints Reviews To Continue; ICBA Weighs In On Small Business Data Collection

Latest On CFPB: Public Complaints Reviews To Continue; ICBA Weighs In On Small Business Data Collection

  • Consumer Financial Protection Bureau (CFPB) Director Kathy Kraninger will continue with reviews of its public complaints database and how the Bureau enforces discriminatory lending laws. The reviews were begun by her predecessor Mick Mulvaney. Kraninger said the agency was discussing how the public complaints database, a key source of the bureau’s investigations, should operate.
  • In a letter to CFPB Director Kraninger, ICBA urged the Bureau to identify potential benefits and burdens before rules are promulgated, including forthcoming rules on small-business data collection. ICBA has concerns the negative impact of Section 1071 of the Dodd-Frank Act would commoditize small-business loans and disrupt lending. While the consumer protection law requires the CFPB to implement rules for the collection and reporting of data on financial institutions’ small-business lending, ICBA believes it is inconsistent with the non-homogenous nature of small-business loans.
  • Sen. Sherrod Brown (D-OH), Ranking Democrat on the Senate Banking Committee, wrote to Federal Deposit Insurance Corp. Chairman Jelena McWilliams to state that the FDIC must have a “full five-member” board in place to consider the proposed merger between BB&T and SunTrust, and that the “merger cannot be approved until internal directors of the FDIC are nominated and confirmed.”

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