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Politics & Money

Watchdog tells CFPB to get its fair lending house in order

Decline in enforcement, fines after Kraninger-era reorganization

HW-CFPB-v2

After a government watchdog agency found a reorganization of the Consumer Financial Protection Bureau (CFPB) gutted its fair lending office and halted the reporting of enforcement actions, at least two officials have left the agency.

The Government Accountability Office found that a 2018 reorganization of the Bureau’s fair lending practices shifted its fair lending enforcement from specialists to generalists at the enforcement office. The CFPB distributed nearly three quarters of its fair lending 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 up the supervision, enforcement and fair lending office.

Schneider was appointed by the Trump administration in 2019. Before that, he was secretary of the Illinois state finance agency. He previously spent nearly 15 years at the Walgreen Company, where he worked in healthcare compliance regulation and lobbying.

Schneider did not return requests to comment.

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