CUNA News
  • LOG IN
  • Create Account
  • Sign Out
  • My Account
  • LOG IN
  • Create Account
  • Sign Out
  • My Account
  • Topics
    • Community Service
    • Compliance
    • Credit Union Hero
    • Credit Union Rock Star
    • Credit Union System
    • Directors
    • Human Resources
    • Leadership
    • Lending
    • Marketing
    • Operations
    • Policy & Issues
    • Sales & Service
    • Technology
  • Credit Union Magazine
    • Buyers' Guide
    • COVID-19
    • Digital Edition
    • Credit Union Hero
    • Credit Union Rock Star
    • Subscribe
    • Advertise
    • Contact
  • Advertise
  • Awards
    • Nominate Credit Union Hero
    • Nominate Credit Union Rock Star
  • Podcasts
  • Videos
  • Contact

News

Home » CFPB, Senate leadership to define consumer credit market
Policy & Issues

CFPB, Senate leadership to define consumer credit market

November 18, 2020
Ryan Donovan

Leadership of the Senate and Consumer Financial Protection Bureau (CFPB) will help define what a Biden administration means for Americans’ credit, CUNA Chief Advocacy Officer Ryan Donovan told CNBC Select recently.

President-elect Joe Biden is expected to replace current CFPB Director Kathy Kraninger, but his nominee must be confirmed by the Senate.

Under a Democrat-controlled Senate, Donovan noted a new appointee would “take a very keen eye toward the regulations of credit cards and lending in general.”

This could result in a regulatory environment with more protections in place, but strict regulations could also affect the availability of credit.

“If you make it more difficult or more expensive for the lender, it becomes that for the consumer,” Donovan says. “Lenders will reduce availability of credit, which tends to hurt borrowers on the lower end of the scale.”

Credit Union Magazine: Summer 2022

Summer 2022

Credit Union Magazine’s Spring 2022 edition highlights inclusive lending, succession planning, fair lending and artificial intelligence, and the use of environmental, social, and governance (ESG) as a competitive differentiator.
Digital Edition •  Subscribe

Trending

  • CFPB issues advisory opinion on debt collection fees

  • CDFI Fund offering $1.73B to help communities recover from pandemic

  • Comment deadline extension needed for CFPB late fee ANPR

Tweets by CUNA_News

Polls

Do you think credit unions should offer cryptocurrency services?

View Results
More

Champion for the Credit Union Movement

Credit Union National Association is the most influential financial services trade association and the only national association that advocates on behalf of all of America's credit unions. We work tirelessly to protect your best interests in Washington and all 50 states. We fuel your professional growth at every level and champion the credit union story at every turn.

More CUNA

  • Membership
  • Contact Us
  • Careers

Resources for

  • Credit Union Advocates
  • Leagues
  • Press
  • Providers

Our Affiliates

  • American Association of Credit Union Leagues (AACUL)
  • Credit Union Awareness
  • Credit Union House
  • CUNA Strategic Services
  • National Credit Union Foundation
GET CUNA UPDATES
© 2022 Credit Union National Association | ADA Compliance Notice & Legal
Email Us