To mark the first six months of Kathy Kraninger’s tenure as CFPB Director, the CFPB issued a press release providing highlights of the Bureau’s activities during that period.
The activities highlighted are those in the areas of consumer financial education, supervision, enforcement, and rulemaking. The takeaway from the press release is that the Bureau continues to be very active under Director Kraninger’s leadership. While the CFPB has reduced the number of investigations it is handling, it has not, as certain consumer advocates claim, abdicated its responsibility to enforce clear violations of the law that have harmed consumers.
In particular, we applaud Director Kraninger for the many CFPB financial education initiatives that are taking place under her leadership. It has been our long-standing view that the CFPB’s initiatives to fulfill its Dodd-Frank mandates to improve the financial literacy of American consumers and protect older Americans from financial exploitation are deserving of industry support.