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AFR Statement: Hearing Shows Kraninger is No Champion of Consumers

Submitted by on July 19, 2018 – 2:08 pm
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FOR IMMEDIATE RELEASE

July 19, 2017

CONTACT:

Carter Dougherty, carter@ourfinancialsecurity.org(202) 251-6700

 

Statement from Linda Jun, senior policy counsel, Americans for Financial Reform:

 “There was no evidence before her confirmation hearing that Kathy Kraninger would champion the interests of consumers, and there’s no evidence of it afterwards either. Kraninger’s job as CFPB director would be to defend consumers against abuse at the hands of Wall Street banks and predatory lenders, but she showed no sign of being willing to do so.”

“Kraninger was completely unfamiliar with all of the statutes the CFPB oversees and the CFPB’s work in enforcing them, but despite this lack of knowledge endorsed Mick Mulvaney’s leadership at CFPB, which has opened consumers to more harm. She refused to say whether the common-sense rule on predatory payday loans should go forward. She will not commit to removing political appointees who Mulvaney installed to shadow the career professionals. Kraninger promised she would take ‘aggressive action against bad actors’ but offered no evidence that she would take any concrete steps to actually protect consumers, leaving us all vulnerable to abuse by Wall Street and predatory lenders.”

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