From the Web: Who are the Top Policymakers to Watch this Year?

New leaders at the CFPB and House Financial Services Committee are important to watch as regulations and laws impacting the accounts receivable management industry progress this year.

1/11/2019 1:30 PM

From the Web: Who are the Top Policymakers to Watch this Year?

A recently sworn-in Congress and new regulatory agency leaders present ACA International with exciting opportunities to advocate on behalf of the accounts receivable management industry.

Here are some policymakers to watch this year, as reported by American Banker.

Consumer Financial Protection Bureau Director Kathy Kraninger

Newly confirmed as director of the Consumer Financial Protection Bureau, “it remains to be seen what course Kathy Kraninger will chart for the agency she will oversee for the next five years. Bankers and consumer advocates alike have raised questions about whether Kraninger will follow the direction laid out by her predecessor, acting Director Mick Mulvaney, or go her own way. 

She signaled early in her tenure that she wouldn’t follow all of Mulvaney’s initiatives to the letter, scrapping plans to change the agency’s name to the Bureau of Consumer Financial Protection as her first official act in office. It remains to be seen how she will move forward on issues including payday lending and debt collection along with how she will oversee and direct the agency’s enforcement division.”

U.S. Rep. Maxine Waters

In the Democratic-controlled House, the longtime California congresswoman will set the banking policy agenda as chair of the Financial Services Committee. ... Following the November midterms, Waters released a memo indicating that she is “committed” to strong oversight of the Trump administration, including the embattled firms connected to his family, but that she will also prioritize financial inclusion and consumer protection. More recently, she warned Mick Mulvaney — the former acting director of the CFPB who attempted to scale back the agency’s enforcement practices — that she could call him to testify before the full committee on his controversial tenure running the agency.”

Read more coverage on Waters’ plans from ACA International.

U.S. Sen. Mike Crapo

“As chair of the Senate Banking Committee in the last Congress, the Republican senator from Idaho helped spearhead negotiations that led to the bipartisan regulatory relief package that became law in May. Expected to continue his role atop the committee, Crapo will likely resume focus on how the law — known as S. 2155 — is being implemented. He held hearings in 2018 with regulators to discuss implementation, and pushed the Federal Reserve Board to move quickly with a proposal to determine how to regulate banks between $100 billion and $250 billion in assets.”

U.S. Sen. Sherrod Brown

“Sen. Sherrod Brown, D-Ohio, will continue to serve as the ranking member of the Senate Banking Committee., where he is expected to maintain a voice of opposition to Wall Street deregulation. He likely will have an even higher profile in 2019 as he is actively considering a presidential run ... Brown was an outspoken critic of Mulvaney’s leadership at the CFPB ... And the Democratic senator strongly opposed Kraninger’s nomination to serve as the permanent director of the CFPB. Along with Waters and Sen. Elizabeth Warren, D-Mass., he is expected to push back against weakening regulatory restrictions, particularly when he gets a chance to question Kraninger and other regulators appointed by the Trump administration.”

U.S. Rep. Patrick McHenry

McHenry, R-N.C., is the ranking member on the House Financial Services Committee. He is expected to be a “counterweight” to Waters, now that U.S. Rep. Jeb Hensarling, R-Texas, resigned as chair due to term limits, American Banker reports.

“McHenry could also play a role negotiating with Democrats over key pieces of legislation ... if McHenry is able to negotiate with Waters, the committee could see some legislative movement on financial technology issues. He has previously supported efforts to give fintech companies flexibility to go to market sooner with their products, as well as “regulatory sandboxes” for fintech firms.”

Read the complete report on policymakers to watch in 2019 from American Banker.

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