Morning Consult, Nov 6, 2019: Kraninger Signals Caution On Controversial Small Business Lending Policy
Consumer Financial Protection Bureau Director Kathy Kraninger has signaled a cautious approach in her plan to implement a controversial piece of Dodd-Frank, which requires the agency to collect data on minority- and women-owned small business lending.
The CFPB has, so far, delayed Section 1071 of the Dodd-Frank Act, frustrating consumer advocates who say the data is critical to studying unequal access to funds. A symposium on the topic hosted by the CFPB on Wednesday is a sign that the bureau intends to move forward on the issue.
But Kraninger, in her opening remarks at the symposium, stressed critiques of implementing a rule too quickly, repeating arguments made by Treasury Secretary Steven Mnuchin in a 2017 report when he recommended that the provision be repealed.