‘The mere staffing of CFPB is a waste of money': Comments of the week

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On Rep. Katie Porter, D-Calif., grilling Consumer Financial Protection Bureau Director Kathy Kraninger about how APRs are calculated:

“I don’t know that under the pressure of a congressional interrogation, field examiners would be able to answer Rep. Porter’s APR question off the top of their heads. Their first thought would be, “Where is APRWin?” Then they might think about taking out a pencil and paper, or iPhone calculator, to do some cipherin’, as Jethro Bodine used to say to Uncle Jed. Ms. Kraninger’s ability to answer such a petty and wonky question means nothing. Where is Alan Dombrow when you need him?”

Related: 6 takeaways from CFPB chief’s visit to Capitol Hill


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