CFPB Director Kathy Kraninger testified before the Senate Committee on March 12th regarding Banking, Housing, and Urban Affairs about the Bureau's semi-annual report to Congress. Lasting about 2.5 hours, the hearing covered the following items:
Data Collection and Privacy
The Bureau's intent is to limit the data it collects to only what is necessary to do the job of the Bureau, limiting the collection of personal identifying information.
Kraninger testified that the structure of the CFPB remains up to Congress, and she will carry out the legislative requirements enacted.
Student Loan Debt
Kraninger responded that student loans are a significant issue for the Bureau, and there is a group dedicated to protecting student loan borrowers. The Bureau has an active job posting for the role of a student loan ombudsman, but the Secretary of Treasury will appoint someone to that position.
Military Lending Act (MLA) Supervisory Authority
The Bureau's interpretation of the statutes does not give the Bureau supervisory powers over the MLA, but they would welcome Congress providing the Bureau with such power.
Payday Lending Rules
Kraninger testified that this portion of the payday lending rule has been questioned, and the Bureau is looking at the full record. This includes the research previously done by the Bureau and comments received, as it determines next steps regarding the 'ability to pay' requirement.