After six months in the role, the
new director of the Consumer Finance Protection Bureau (CFPB)
has made it abundantly clear that she does not intend to run
the agency the way it was originally intended in the Dodd-Frank
Act. Following in the footsteps of Trump-appointed acting
director Mick Mulvaney, newly-appointed director Kathleen
Kraninger's first actions have shown that consumer protection
is far from the priority under the new regime.
Although avoiding the inflammatory political rhetoric of her
predecessor, on the enforcement side there has been a dramatic
drop in action. Actions that have been taken have also had very
"It has been clear since Trump became president that the
administration is going to side with the largest financial
institutions in this country and against consumers and
investors, and the CFPB has been the tip of the spear of the
overall policy of protecting predators, rather than...