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Kraninger Lays Out Her Vision For CFPB

Kraninger Lays Out Her Vision For CFPB

Consumer Financial Protection Bureau Director Kathy Kraninger said she is approaching the CFPB differently from her predecessor and previous boss Mick Mulvaney, who is now White House Chief of Staff as well as Budget Director. “He and I agree completely that we have very different responsibilities and goals as we approach this job.” Kraninger said she is ” focused on managing the institution to conduct the mission that Congress gave us effectively, efficiently and appropriately.” However, c onsumer protection experts noted her actions on policy have not differed greatly from Mulvaney’s, citing the CFPB’s pursuit of a proposal to do away with an underwriting rule for payday lenders. 

Kraninger, who laid out her vision for the bureau after a listening tour,  said her approach emphasizes 1) using available tools to prevent consumer harm, 2) empowering consumers through education, 3) ensuring clear rulemaking and guidance instead of regulation through enforcement actions, 4) using supervision to support compliance, and 5) focusing enforcement on bad actors. She  discussed the challenges of basing judgments of the agency’s performance on outcomes, noted effective oversight should mean fewer complaints, and said the CFPB will develop appropriate ways to measure its progress in preventing consumer harm.

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