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.”