Removing Barriers Blog

CFPB Advisory Groups Meet via Conference Call
Posted May 01, 2020 by CUNA Advocacy

Today, the CFPB hosted a conference call meeting of its advisory groups, including the Credit Union Advisory Council. The call focused on the state of consumer financial services during the COVID-19 pandemic and the associated economic slowdown. 

The call began with remarks from CFPB Director Kathy Kraninger highlighting the challenges consumers are facing and how the CFPB has responded to assist consumers and provide flexibility to providers.  In particular, the Director noted the Bureau’s financial education efforts focused on student loan borrowers and servicemembers and expressed concern about the growing frequency of fraud schemes targeting vulnerable groups, especially older Americans. 

The advisory group members heard three presentations from CFPB staff. The presentations focused on COVID-19 related trends in the consumer complaint database, the household and market impacts of the pandemic, and the impact of COVID-19 on special populations. The CFPB’s presentations can be found here

After the staff presentations, the advisory group members were provided the opportunity to give feedback and describe their experiences from the field.  The members noted challenges with serving consumers given the current environment, such as social distancing’s impact on the ability to obtain wet signatures for closings and consumer’s inability to confirm income or employment due to employer furloughs.