FOR IMMEDIATE RELEASE
Nov. 24, 2020
Kraninger Record at CFPB Warrants Immediate Firing After Jan. 20
Today, AFR released a report on Kathleen Kraninger’s devastating failures to uphold and advance the mission of the Consumer Financial Protection Bureau, which she has headed since December 2018. The report details how she sacrificed consumer protection and the fight against racial discrimination in lending and housing to the interests of the Wall Street firms and predatory lenders that the agency is supposed to oversee.
The full report can be downloaded here.
Lisa Donner, AFR executive director, made the following statement:
“Kraninger should resign, but if she does not her record makes it overwhelmingly clear that the incoming administration needs to fire her as soon as President-Elect Joe Biden takes office on Jan. 20 and replace her with an acting director who will steer the CFPB back to fulfilling its mission. To start, the pandemic-induced economic crisis demands a director who will take immediate action to protect people’s ability to stay in their homes and take care of their families. Then, this appointee must focus on using the tools of robust financial regulation to address the longstanding injustices and systemic racism that the pandemic has laid bare in particularly stark fashion.
“At the CFPB and across the financial regulatory agencies, the incoming administration must act swiftly to put in place leaders with a track record of looking out for the public interest, and who are willing to take on Wall Street and corporate power in order to make the economy work better for the rest of us. The country needs people with specific, bold plans to use the levers of government to help working people and struggling families.”
Americans for Financial Reform is a nonpartisan and nonprofit coalition of more than 200 civil rights, consumer, labor, business, investor, faith-based, and civic and community groups. Formed in the wake of the 2008 crisis, we are working to lay the foundation for a strong, stable, and ethical financial system – one that serves the economy and the nation as a whole.