The restriction on how often a borrower’s account is debited was supposed to be relatively straightforward, but one lender is trying to fight that provision.
In her second day of congressional testimony, Kathy Kraninger took heat from Senate Democrats for weighing in on constitutional questions about her agency and for her enforcement track record.
CFPB Director Kathy Kraninger faced a barrage of questions from Democrats on the House Financial Services Committee over why the agency has not demanded refunds for consumers in recent settlements.
A law signed last week by Democratic Gov. Gavin Newsom caps interest rates on installment loans. But three large lenders are looking to avoid its restrictions by partnering with banks.
The California Democrat is less recognizable nationally than other progressives elected to the House in 2018. But she may be "the most feared freshman" on the Financial Services Committee.
Majority, which will launch nationwide later this quarter, will use networks of immigrants to sell a mobile phone-based account that features unlimited remittances and international calling services.
