Democratic-Led House Panel to Question CFPB Director Kathy Kraninger

Kraninger is expected to face questions on her changes at the bureau and approach to leadership and regulations following the term of Acting Director Mick Mulvaney. She will also testify before the Senate Banking Committee March 12.

3/1/2019 2:00 PM

Democratic-Led House Panel to Question CFPB Director Kathy Kraninger

Consumer Financial Protection Bureau Director Kathy Kraninger will be in the spotlight for her first testimony as leader of the bureau before the House Financial Services Committee and Chairwoman Maxine Waters, D-Calif., March 7 at 10 a.m. Eastern.

Waters confirmed Kraninger will testify before the committee, The Hill reports.

Earlier this year, in an interview with MSNBC, Waters said one of her top priorities as chairwoman of the House Financial Services Committee will be “undoing the damage” to the CFPB created by former acting director Mick Mulvaney.

The scheduling of the March 7 hearing, “Putting Consumers First? A Semi-Annual Review of the Consumer Financial Protection Bureau,” follows the release of the bureau’s semiannual report for April 1, 2018 to Sept. 30, 2018.  The semiannual report is the first issued by Kraninger, although it covered a period before the start of her term in December last year.

During the confirmation process for her role as CFPB director before the Senate Banking Committee last July, Kraninger said, “Congress established the Bureau of Consumer Financial Protection ‘to ensure all consumers have access to markets for consumer financial products and services…that are fair, transparent, and competitive.’ I am firmly committed to satisfying this Congressional mandate.”

In general, Kraninger expressed support for limiting and reviewing the bureau’s past “regulation by enforcement” approach, using data-driven decision-making within the law and working with members of Congress on both sides of the aisle.

It is expected she will face questions on the bureau’s changes to the payday lending rule originally passed under leadership of former director Richard Cordray.

The Senate Committee on Banking Housing and Urban Affairs announced Friday it will conduct its hearing with the CFPB “The Consumer Financial Protection Bureau’s Semi-Annual Report to Congress,” with Kraninger as a witness at 10 a.m. Eastern Tuesday, March 12.

Related Content from ACA International:

U.S. Rep. Maxine Waters to CFPB Employees: Actions to Weaken the Bureau ‘Will not go Unchecked or Unnoticed’

Rulemaking to Impact ARM Industry is Imminent, CFPB Director Kathy Kraninger's First Semiannual Report Reveals

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