In this report, we assess CFPB Director Kraninger’s appearance before Senate Banking during which Republicans and Democrats squared off on the usual lines over the Bureau’s structure and payday lending.  However, Chairman Crapo (R-ID) made it clear that the Committee’s consumer-privacy and credit-bureau review will ensure that standards apply to data brokers that are functionally similar to credit bureaus.  For the first time, Ranking Member Brown (D-OH) took aim at the CFPB’s Office of Innovation, arguing that it is dedicated to helping big banks and tech firms find ways to trick consumers into new, complicated financial products.  Citing affordability concerns, Sen. Warner (D-VA) pushed Director Kraninger not to terminate the qualified mortgage (QM) rule’s (see Client Report MORTGAGE110) GSE exemption.  Ms. Kraninger said that the Bureau will not take action that dramatically affects the mortgage market.

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