Skip to main content

Kraninger: CFPB Could Take Complaint Database Private

Phil Hall
Apr 19, 2019
The Consumer Financial Protection Bureau has announced that it has taken measures to make it easier for consumers with urgent financial needs to obtain access to mortgage credit more quickly in the middle of the COVID-19 pandemic

The Consumer Financial Protection Bureau (CFPB) is exploring whether it should take its controversial public-facing complaints database private.
Speaking to Reuters in her first interview since becoming CFPB Director in December, Kathy Kraninger acknowledged the database is under review. Since its inception, the database has generated criticism from financial services companies that argued it did not allow them to respond to consumer allegations and that it provided no public explanation of how complaints were ultimately resolved.
“It is on the agenda this year to address what is the public kind of discussion about what the database should be,” she said.
Kraninger also stated the agency would be revisiting disparate impact as a legal tool for enforcing laws that guard against discriminatory lending.
“It’s controversial, but it need not be if we have a public discourse on what the lay of the land is, try to get the evidence in one conversation, and think of the next steps that are appropriate,” said Kraninger, adding the CFPB will host public discussions this year to address the issue.
Kranginer also noted that while the CFPB would aim its enforcement resources on “bad actors” who do not intend to follow the law, the agency will be shifting away from the policy of her predecessor, Richard Cordray, that used aggressive enforcement as a regulatory tool.
“It’s not a black and white issue,” Kraninger added. “I can tell you that at the end of the spectrum of what is a bad actor [are] clearly those who have no intent to comply with the law.”

Apr 19, 2019
CFPB Slaps Bank Of America With $12 Million Penalty For False Mortgage Data Reporting

For at least four years, hundreds of Bank of America loan officers failed to ask mortgage applicants certain demographic questions.

Rising Home Values Propel Higher Loan Limits

FHFA Announces 5.6% Increase in Conforming Loan Limits for 2024

NMLS — Then, Now, And To Come

Leaders reminisce, plan, and dream about the regulatory group on its 15th birthday

Fannie Mae, Freddie Mac Shareholders Win Prejudgment Interest On $299M Verdict

Federal court upholds shareholders' right to interest after government's wrongful claim on profits; simple interest rate set, drawing from Delaware law precedent.

ADUs Can Now Be Sold Separately In California

‘Backyard revolution’ opens up the affordable housing market.

Cracking The Crackdown

How to eliminate and prevent ‘junk’ fees to avoid penalties