Watchdog asks the CFPB to put its credit house in order
After a government watchdog found a reorganization of the Consumer Financial Protection Bureau (CFPB) emptied its fair loan office and halted reporting of enforcement actions, at least two officials left the agency.
the Government Accountability Office found that a 2018 reorganization of the Bureau’s fair lending practices shifted its law enforcement from specialist to generalist loans at the enforcement desk. The CFPB has distributed nearly three-quarters of its fair credit staff to other divisions.
Just weeks after the Bureau received the report, but before it was made public, the CFPB announced the departure of Bryan Schneider, who headed the Bureau of Monitoring, Enforcement and Fair Lending.
Schneider was appointed by the Trump administration in 2019. Prior to that, he was secretary of the Illinois state finance agency. He previously spent nearly 15 years at Walgreen Company, where he worked in healthcare compliance regulation and lobbying.
Schneider did not return requests for comment.