With the specter of a COVID-19 pandemic hanging over any and all economic matters, the Senate Banking Committee’s hearing with CFPB Director Kraninger focused on ways regulators can mitigate consumer harm. While Chairman Crapo (R-ID) believes yesterday’s interagency statement promising “regulatory assistance” was appropriate, Ranking Member Brown (D-OH) and other Democrats urged the Bureau to expressly provide relief akin to that provided during natural disasters and additional relief such as forbearance, consumer-reporting protections, and CFPB research on potential scams and fraud related to COVID-19. Democrats also demanded that FSOC publicly meet and provide a coronavirus response; Director Kraninger announced that such a meeting is scheduled for the end of March, with this meeting confirmed for March 23 later in the day.
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