6 takeaways from the CFPB chief’s visit to Capitol Hill

WASHINGTON — During her appearance before the House Financial Services Committee on Thursday, Consumer Financial Protection Bureau Director Kathy Kraninger gave the panel’s Democratic majority little assurance that she would reverse the decisions made. by former acting director Mick Mulvaney, but she also seemed supportive of the agency’s mission to care for consumers.

The hearing, part of the CFPB’s semi-annual report to Congress, was a crucial test for House Democratic leaders in their oversight of Trump’s appointed leadership of the office and how Kraninger would fare in the spotlight of congressional review.

During the hearing, Kraninger came off as non-combative as Democrats chastised her and the agency for her policy reforms put in place after Obama appointee Richard Cordray resigned as director of the CFPB in 2017.

The new CFPB director insisted she was committed to the agency’s consumer protection mission, but offered little information on the direction of regulation or the agency’s restructuring, including a proposal to drop strict new underwriting requirements in the agency’s payday loan rule drafted under Cordray.

Kraninger also said she focused on oversight and prevention rather than enforcement. Republicans consistently criticized Cordray for what they described as “regulation by enforcement.”

Here are the key takeaways from the audience:

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