CFPB Director Kathy Kraninger appeared before the Senate Banking Committee and the House Financial Services Committee in back to back hearings on July 29 and July 30 where lawmakers from both parties questioned Director Kraninger on a variety of issues including CFPB’s QM proposal, its pending debt collection rule, and the Supreme Court’s recent decision on the agency’s constitutionality. In a notable exchange with Senator Mark Warner (D-VA) and Representative Ted Budd (R-NC) Director Kraninger stated the agency is very interested in getting comments on what verification and consideration of debt and income could look like and encouraging industry and consumer advocates to come together to develop standards for these issues.

Click here to watch the Senate Banking Committee.

Click here to watch the House Committee Financial Services Hearing.