WASHINGTON (11/12/13)--The Senate Banking Committee has scheduled its semi-annual look at the Consumer Financial Protection Bureau for today at 2:30 p.m. (ET).
The sole witness is CFPB Director Richard Cordray, who is expected to discuss both past accomplishments over the previous six months and challenges the bureau faces in the next half-year period.
It will come as a surprise to no one who follows or works to comply with federal regulations that a number of topics that were open to discussion during the first CFPB semi-annual report to Congress, in January of 2012, will likely make a reappearance at today's session.
The bureau's new remittance transfer rule, under which providers must disclose the exchange rate and all fees associated with a transfer so consumers know exactly how much money will be received on the other end, remains a hot topic.
The same is true of the CFPB's work on mortgage rules, although during the first report the focus was more on mortgage disclosures and this year's session promises to have a focus on Ability-to-Repay and Qualified Mortgage rules. (See related story: CUNA Calls On FFIEC To Delay Mortgage Reg Sanctions, Legal Liability.)
Other ongoing topics likely will include payday loans, prepaid debit cards, and student loans.
The House will have its own session to query the CFPB director on his regulatory progress.