In his resignation letter, student loan ombudsman Seth Frotman alleged that current bureau leadership has “turned its back on young people and their financial futures.”
Kathleen Kraninger is one step closer to leading the Consumer Financial Protection Bureau after a close vote by the Senate Banking Committee. The committee’s 13 Republicans all voted in favor of the controversial nominee, who is currently a staffer at the Office of Management and Budget, and its 12 Democrats all voted against Kraninger.
The Consumer Financial Protection Bureau plans to alter the way it manages enforcement of financial products for military personnel, focusing on complaints received rather than preemptive exams.
The Consumer Financial Protection Bureau settled with the defendants in the Hydra Group payday lending lawsuit regarding the unlawful origination and servicing of short-term, small-dollar online loans to consumers nationwide.
The Consumer Financial Protection Bureau announced a collaboration with 11 financial regulators and related organizations to create the Global Financial Innovation Network.