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...