Following this week’s House panel session, Senate sets March 12 for semi-annual review of consumer bureau

The Senate will have its own turn with the federal consumer financial protection agency when it holds an oversight hearing next week, featuring the group’s new director.

Kathleen (“Kathy”) Kraninger, the director of the Consumer Financial Protection Bureau (CFPB), is the sole witness for the March 12, 10 a.m. hearing before the Senate Banking Committee. The hearing is billed as the CFPB’s “Semi-Annual Report to Congress.” The 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank) mandates the twice-yearly report from the agency.

The Senate hearing will follow the hearing set for Thursday before the House Financial Services Committee. The committee has not yet released a witness list for the hearing, titled “Putting Consumers First? A Semi-Annual Review of the Consumer Financial Protection Bureau.” Kraninger is expected, however, to appear before the committee.

The Consumer Financial Protection Bureau’s Semi-Annual Report to Congress