Senate Hearing on the Consumer Financial Protection Bureau (CFPB) Semi-Annual Report

• •The CFPB released its Fall 2019 semi-annual report covering activities from April 2019 to September 2019.
• •The hearing addressed the constitutionality of the CFPB's single-director leadership structure, currently under review by the Supreme Court in Seila Law v. CFPB.
• •Chairman Crapo advocated for replacing the single-director model with a bipartisan board of directors.
• •Chairman Crapo proposed subjecting the CFPB to the annual congressional appropriations process.
• •The Committee expressed concerns regarding the CFPB's collection of personally identifiable information, specifically credit card and mortgage data.
• •The record includes written responses from Director Kraninger to questions from eight different Senators.
• •The record includes supplemental letters from industry groups: ACA International, Consumer Bankers Association, Credit Union National Association, and the National Association of Federally-Insured Credit Unions.

This hearing provides oversight of the federal agency responsible for enforcing consumer financial laws, which directly impacts the rules governing credit cards, mortgages, and other financial products used by residents.

Patterns POLISCOPE noticed across the record. These are observations to investigate, not conclusions.