It will be appointment television tomorrow as fireworks will be flying when Kathy Kraninger, the director of the Consumer Financial Protection Bureau sits down before the House Financial Services Committee for her semi-annual visit to Capitol Hill.
While the drama and theatrics will be high, do not expect much in the way of actual substantive discussion or debate, because, well, nothing ever really happens during this hearing.
The last time Kraninger appeared before the committee — back in October — Rep. Carolyn Maloney [D-N.Y.], made headlines by calling the CFPB director “worthless” and then later apologized, saying she was referring to the entire agency and not the director.
It will be interesting to see how the members of the committee choose to address the pending arguments before the Supreme Court in Seila Law v. CFPB. The Supreme Court had not decided to hear arguments in the case the last time that Kraninger testified before the Financial Services Committee, so there will likely be plenty to talk about.
It is unlikely that anyone on the committee will ask Kraninger questions about the CFPB’s proposed debt collection rule. The agency is analyzing the comments that were filed in response to the proposed rule and is expected to release a final rule in the coming months.
Democrats on the committee may also take aim the CFPB for not engaging in as many enforcement actions as it has under previous directors, and for the enforcement actions it has taken to have lower financial penalties than when Richard Cordray was running the bureau. Democrats may also question Kraninger on her hiring of Thomas Ward as the CFPB’s assistant director of enforcement. Rep. Maxine Waters [D-Calif.], the chair of the House Financial Services Committee had some harsh words about Ward’s hiring when it was proposed back in December.
The hearing can be watched live by clicking here. A copy of the committee’s memorandum in preparation for the hearing can be accessed by clicking here
