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Kraninger Is Unqualified to Lead Consumer Financial Protection Bureau

June 18, 2018

Kraninger Is Unqualified to Lead Consumer Financial Protection Bureau

Statements From Public Citizen Experts

Note: On Saturday, President Donald Trump announced the nomination of Kathy Kraninger to direct the U.S. Consumer Financial Protection Bureau (CFPB). Kraninger serves as a deputy to Mick Mulvaney at the U.S. Office of Management and Budget.

“With the choice of Kathy Kraninger, it is crystal clear that Mick Mulvaney wants to continue to pull the strings at the CFPB. In little more than six months of his improper leadership at the agency, Mulvaney has shut down enforcement, rolled back rules and demoralized staff – all to benefit big banks and predatory lenders. If Kraninger is confirmed, we should expect more of the same. The American people deserve better.”
– Lisa Gilbert, vice president of legislative affairs, Public Citizen

“Trump and Mulvaney continue to convert an agency Congress designed to protect Americans from consumer abuse into one that enables such abuse. Kraninger, one of Mulvaney’s deputies, has neither experience as a regulator nor expertise in consumer financial issues. The nation’s leading consumer financial regulator is not an entry-level job. The U.S. Senate must win a convincing pledge that Kraninger will honor the statutory mandate of this vital consumer protection agency and not be a Mulvaney puppet.”
– Bartlett Naylor, financial policy advocate, Public Citizen’s Congress Watch division