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The Week Ahead: CFPB Director Headed for Capitol Hill

On Thursday, the House Financial Services Committee will hold its semi-annual review of the Consumer Financial Protection Bureau (CFPB). The hearing titled "Putting Consumers First? A Semi-Annual Review of the Consumer Financial Protection Bureau" will see Kathy Kraninger, Director, CFPB, making her first appearance before the committee after being confirmed to her current position.

The hearing on Thursday will see Kraninger answering questions on issues raised by the House Financial Services Committee which include the recent settlements that "do not require companies that have violated the law to provide redress to consumers who have been harmed," and about the changes in the payday lending rules that were recently announced by the CFPB.

Recently, Rep. Maxine Waters, Chairwoman of the House Financial Services Committee wrote an open letter to CFPB employees in which she said that she would use the full range of the committee's oversight authorities to "prevent any efforts to weaken the Consumer Bureau." She had said that the CFPB was a key part of financial reform and was created as a key part of the Dodd-Frank Wall Street Reform and Consumer Protection Act.

"I have been concerned that actions taken, and changes made by Office of Management and Budget Director Mick Mulvaney were contrary to both the spirit and plain letter of the law and appear to be designed to frustrate the Consumer Bureau’s mission," she said in the letter.

Here's what else is happening in the week ahead:

  • Census Bureau Construction Spending report, Monday, 10 a.m. EST
  • CoreLogic Home Price Insights report, Tuesday, 10 a.m. EST
  • MBA Mortgage Applications, Wednesday, 7 a.m. EST
  • Census Bureau New Home Sales, Wednesday, 10 a.m. EST
  • Ellie Mae Millennial Tracker, Wednesday, 10 a.m. EST
  • Federal Reserve Beige Book, Wednesday, 2 p.m. EST
  • Black Knight Mortgage Monitor, 9 a.m. EST
  • Fed Balance Sheet, Thursday, 4:30 p.m. EST
  • Census Bureau Housing Starts, Friday, 8:30 a.m. EST
  • Bureau of Labor Statistics Jobs Report, Friday, 8:30 a.m. EST

About Author: Radhika Ojha

Radhika Ojha is an independent writer and copy-editor, and a reporter for DS News. She is a graduate of the University of Pune, India, where she received her B.A. in Commerce with a concentration in Accounting and Marketing and an M.A. in Mass Communication. Upon completion of her masters degree, Ojha worked at a national English daily publication in India (The Indian Express) where she was a staff writer in the cultural and arts features section. Ojha, also worked as Principal Correspondent at HT Media Ltd and at Honeywell as an executive in corporate communications. She and her husband currently reside in Houston, Texas.
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