WASHINGTON–The House Financial Services Committee said it will hold an oversight hearing related to the Consumer Financial Protection Bureau on March 7.
The hearing would be the first since Democrats took back control of the House. The Bureau had largely dialed back much of its enforcement agenda under the Trump Administration, first under acting director Mick Mulvaney and now under new director Kathleen Kraninger.
The March 7 hearing, announced by House Financial Services Committee Chairwoman Maxine Waters (D-CA), will be titled “Consumers First? A Semi-Annual Review of the Consumer Financial Protection Bureau.”
Much like the Federal Reserve, whose chairman, Jerome Powell, will be testifying before the House and Senate this week, the 2010 Dodd-Frank act that created the CFPB also requires the Bureau to produce a report biannually. While Kraninger has already provided such a report, its focus was on the period prior to December when she was named to the post.
No witnesses have yet to be announced for the hearing.
The hearing follows a letter sent last week by Waters to employees of the CFPB in which she asked them to contact her if they knew of waste, fraud, abuse or gross mismanagement at the agency.
In addition to the hearing on the CFPB, Waters said during March her committee will also hold hearings on:
- Markup of FY2020 budget views and estimates on March 6
- “Holding Megabanks Accountable: An Examination of Wells Fargo’s Pattern of Consumer Abuses” on March 12
- “Promoting Corporate Transparency: Examining Legislative Proposals to Detect and Deter Financial Crime” on March 13