CFPB Launches Consumer Financial Protection Week
This week, the Consumer Financial Protection Bureau (CFPB) is launching its first Consumer Financial Protection Week, which will take place today through Friday. The virtual event will concentrate on issues consumers are facing in the financial marketplace, and how they can communicate those issues to the CFPB so the Bureau can better accomplish its mission.
“Protecting consumers in the financial marketplace is a key priority of mine as Director,” said Kathleen L. Kraninger, CFPB Director. “We have been working for many months now on developing and launching Consumer Financial Protection Week with the mission of informing consumers of their protections in the financial marketplace, the remedies that exist, and how the Bureau is working on their behalf.”
The CFPB’s stated goal is to protect, promote, and preserve the financial well-being of American consumers as well as to ensure that consumers have expansive financial options. The transparent and competitive marketplace should promote increased access to many products that support the consumer.
Additionally, the Bureau has focused on using the tools that Congress has provided to protect consumers. This includes rulemaking for clarity, enforcing the law against bad actors, creating a culture of compliance, and educating consumers to make well-informed financial decisions.
The week will include eight scheduled events. On Tuesday, Director Kraninger will participate in a virtual town hall with the Milken Institute. There, she and Eric Kaplan, who serves as Vice Chair of the Bureau’s Consumer Advisory Board and Director of the Milken Institute Center for Financial Markets Housing Finance Program, will engage in a fireside chat. The Bureau will also spend that day highlighting its special population programs for vulnerable populations, including servicemembers and older Americans.
On Wednesday, the Bureau will highlight two tools in separate events: a revamped Home Mortgage Disclosure Act (HMDA) browser and a revamped Paying for College tool.
On Thursday, the Bureau will convene a discussion on how the Bureau is conducting supervisory and enforcement work, particularly during the COVID-19 pandemic. It will also convene a Taskforce public hearing to present a high level overview of its mission and trends from comments the Bureau has received.
Finally, on Friday, the Office of Consumer Response will present enhancements to the Bureau’s Consumer Complaint Database, including new functionalities that allow users to view and analyze complaint trends. Director Kraninger will also participate in a “virtual coffee break” on Friday to discuss consumer protections related to mortgages and COVID-related issues with the National Diversity Coalition and the National Asian American Coalition.
“I look forward to the panel discussions that will take place during the week,” Kraninger said.
Click here for more information on the Bureau’s activities over Consumer Financial Protection Week..