CFPB to Focus on Preventing Harm to Consumers, Director Kraninger Says

The Consumer Financial Protection Bureau (CFPB) is going to focus on “prevention of harm to consumers,” Director Kathy Kraninger said in a speech at the Bipartisan Policy Center Wednesday. During her first policy speech since being confirmed as director in December, Kraninger detailed her vision for the CFPB.

She said the bureau will work to level the playing field for financial services providers while holding bad actors accountable, and it will work to develop clear rules of the road for regulated financial entities.

“We are encouraged by the approach that Director Kraninger laid out today as well as her engagement with credit unions in the first few months of her term,” said CUNA Chief Advocacy Officer Ryan Donovan. “We look forward to engaging her more in an effort to reduce regulatory burden and put an end to one-size-fits-all regulation.”

Kraninger said during her remarks that the bureau will use all “tools Congress gave the Bureau to prevent consumer harm,” including education, regulation, supervision and enforcement.

CUNA, leagues and credit unions have met with Kraninger and CFPB staff several times in recent months, encouraging the agency to tailor its rulemakings and use its authority under Dodd-Frank to exempt credit unions from certain rules. This would allow the CFPB to focus more time and resources on bad actors in the marketplace.