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Banking Law

New Senate Banking Chair Aims to Restore CFPB to ‘Full Strength’

Jan. 12, 2021, 11:09 PM

The Senate Banking Committee will focus on reinvigorating the Consumer Financial Protection Bureau and extending Covid-19 foreclosure protections and rent relief, the panel’s incoming chairman Sen. Sherrod Brown said.

The Ohio Democrat told reporters Tuesday that he expects Trump-appointed CFPB Kathy Kraninger to resign by Jan. 20, or be fired by the incoming Biden administration. Although the consumer watchdog is an independent agency, the June Supreme Court decision in Seila Law v. CFPB made the director position an at-will employee of the president.

Brown said the committee under his leadership will focus on restoring the CFPB to “full strength.”

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