Week ahead: CFPB to issue semi-annual report to Congress

The Consumer Financial Protection Bureau is stealing the spotlight this week on Capitol Hill.

Its semi-annual report will be released on Tuesday with CFPB Director Kathy Kraninger testifying during a hearing in front of the Senate Banking Committee. Credit union trade groups continue to call for a multimember commission to lead the agency and focus on clarifying the director’s authority to exempt credit unions from certain rules. Industry groups praised U.S. Rep Blaine Luetkemeyer, R-Mo., for introducing a bill last week that would shift the CFPB’s structure from a single-person directorship to a bipartisan commission.

The CFPB will also host on Tuesday a meeting on debt relief, discussing how the issue has evolved over the years. Initially open to the public, the meeting will now be virtual amid growing concerns around the spread of the coronavirus.

The Credit Union Advisory Council will also meet with the CFPB beginning Wednesday to discuss the agency's rulemaking and initiatives, including small business data collection, the student lending market and CU access in rural areas.

The Credit Union National Association shared an election update following results from Super Tuesday All 97 candidates that CUNA’s PAC backed won, according to Trey Hawkins, the trade group’s deputy chief advocacy officer for political action.

“We’re very excited about that. It's a great kickoff to the election year for credit unions,” Hawkins said during a Monday press call.

Wells Fargo is also scheduled to be grilled by lawmakers in two days of hearings in front of the House Financial Services Committee. The House will hear from CEO Charles Scharf on Tuesday and will examine the role of the megabank's board on Wednesday. The bank announced on Monday that its chairman, Betsy Duke, had resigned.

The current expected credit loss standard will also be highlighted this week. The Financial Accounting Standards Board will meet on Wednesday to discuss a technical inquiry it received and to get an update on credit loss workshops that it previously has held.