CFPB, Senate leadership to define consumer credit market

Leadership of the Senate and Consumer Financial Protection Bureau (CFPB) will help define what a Biden administration means for Americans’ credit, CUNA Chief Advocacy Officer Ryan Donovan told CNBC Select recently.

President-elect Joe Biden is expected to replace current CFPB Director Kathy Kraninger, but his nominee must be confirmed by the Senate.

Under a Democrat-controlled Senate, Donovan noted a new appointee would “take a very keen eye toward the regulations of credit cards and lending in general.”

This could result in a regulatory environment with more protections in place, but strict regulations could also affect the availability of credit.

 

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