Former Consumer Financial Protection Bureau Director Richard Cordray joined the California State Assembly Committee on Banking and Finance Wednesday to discuss Trump administration rollbacks of consumer protections. Cordray was joined by Kat Taylor, Beneficial State Bank co-founder and chief executive, along with representatives from three consumer groups.
The goal of the hearing, according to a document released by the assembly committee, was to hear witnesses’ analysis and recommendations as to how California can better protect its consumers through oversight and enforcement, in light of federal regulatory rollbacks.
Since Cordray’s departure from the CFPB, the bureau — under former Interim Direct Mick Mulvaney and current Director Kathy Kraninger — has been stripped of some of its regulatory power, most notably the revocation of the Office of Fair Lending and Equal Opportunity’s enforcement authority. The bureau also stopped examining lenders for compliance with the Military Lending Act, according to the assembly committee document.
Assemblymember Monique Limόn, chair of the assembly committee, signaled in a tweet the meeting was the first in an ongoing conversation. “Great conversation this morning with Former CFPB Director Richard Cordray and Kat Taylor on the attacks against consumer protections by the Fed Administration,” she wrote. “I look forward to continuing this convo on consumer protection rollbacks.”
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