Mortgage, buy-now, pay-later firms to address US consumer watchdog panel
The U.S. Consumer Financial Protection Bureau will convene its Consumer Advisory Board to discuss ending anti-discrimination policies and narrowing fair lending regulations. The panel includes experts and business representatives, with discussions involving Chicago mortgage firm Townstone Financial and buy-now, pay-later firm Credova. The Trump administration previously dropped a CFPB investigation into Credova, citing political motivations. The meeting aims to address recent policy changes and discrimination issues.
By Douglas Gillison
WASHINGTON, Dec 5 (Reuters) - The U.S. Consumer Financial Protection Bureau will next week convene its expert consumer advisory panel to discuss ending anti-discrimination policies, and a recent proposal to narrow civil-rights-era fair lending regulations, among other recent policy changes, according to an agenda seen by Reuters.
The gathering of its Consumer Advisory Board, which the CFPB is legally required to convene twice a year, follows its proposal at the White House’s direction to curtail regulations that seek to prohibit commercial practices that effectively result in discrimination regardless of intent.
The panel comprises outside experts and business people to advise and consult with the agency. The panel will hold those two mandated meetings on Wednesday, the agenda shows.
Current panel members include private-sector and nonprofit advocates for access to housing who have been on the board since before President Donald Trump came to power and overhauled the agency’s leadership. Due to speak at the event are representatives of Chicago mortgage firm Townstone Financial, which settled with the CFPB over allegations of racial discrimination last year, and executives from Credova, a buy-now, pay-later firm specializing in firearms. James Giudice, general counsel at Credova’s parent, PublicSquare (PSQH.N) , a politically connected investment fund, will also speak, according to the agenda. The Trump administration in August dropped a CFPB investigation into Credova’s practices, asserting that it had been politically motivated. A federal court blocked the agency from trying to undo its court-approved settlement with Townstone.
Representatives for the CFPB, Townstone and PublicSquare did not immediately respond to requests for comment.
