CFPB Director Sends Memo to Staff Urging Open Minds
Kathy Kraninger, the newly-installed director of the Consumer Financial Protection Bureau (CFPB), sent around a memo to staff that was obtained by the American Banker. In the email, Kraninger urged staff to “vigorously enforce the law” without presuming guilt.
“We must do our work with an open mind and without presumptions of guilt, and to always carefully weigh the costs and benefits to consumers of our enforcement activities and regulatory rulemakings,” said Kraninger’s email. “On my watch as Director, the CFPB will vigorously enforce the law. I also want the Bureau to respect the rights of all we serve and interact with, to safeguard their personal information, and to be transparent in its operations.”
The CFPB has been a controversial agency since its inception with Republicans doing battle with Obama-appointed Richard Cordray and most recently Democrats doing battle with Trump appointed Mick Mulvaney. In the spirit of unity, Kraninger seems keen on uniting the agency and staying away from partisan bickering.
During her brief tenure thus far, Kraninger has halted her predecessor’s attempt to rebrand the CFPB as the Bureau of Consumer Financial Protection (BCFP), which was opposed by Congressional Democrats. With Democrats in control of the House for at least the next two years, Kraninger’s will likely have to do much more to mollify Congressional Democrats.