Schneider Testifies Before Congress on Federal Consumer Financial Protection Landscape and Role of CFPB

Manatt Financial Services Partner , who previously served as Associate Director for the Division of Supervision, Enforcement and Fair Lending at the Consumer Financial Protection Bureau (CFPB), recently testified before the U.S. House Financial Services Committee’s Subcommittee on Financial Institutions at a hearing entitled, “A New Era for the CFPB: Balancing Power and Reprioritizing Consumer Protections”, in which he examined the current regulatory and legal landscape for federal consumer financial protection, as well as the structure and funding of the Consumer Financial Protection Bureau (CFPB).  

During the hearing, Schneider assessed the CFPB’s current responsibilities and operational framework, and discussed the need for reform within the agency to ensure its regulatory structure provides protection for consumers while offering stability to financial services companies as they invest in innovation, expand access to credit and reduce costs to consumers. 

“It is my hope that through both internal and external reform, the CFPB may yet be positioned to fulfill its mandate to both protect consumers and ensure that they have the innovative products and services that American ingenuity is prepared to deliver,” he said. 

View the full hearing . 

This news was covered by , and .