CFPB likened to predator-protection agency under Kraninger's watch

Author: John Crabb | Published: 11 Jul 2019

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 minor repercussions.

"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...