Kraninger’s speech this week was the latest nail in the coffin of the CFPB since President Trump took office with a stated goal of being friendlier to business than his predecessor, writes Davidlaz
In February, she proposed doing away with an Obama-era rule requiring payday lenders to make sure borrowers can afford the high-interest loans that frequently trap people in endless cycles of debt., the Consumer Federation of America found that the bureau’s enforcement activity plunged by 80% from 2015, when the CFPB, established in 2011, was at the height of its powers. Average compensation to consumers was down by a staggering 96% per case.
She said she’s “committed to bringing together partners from across sectors to develop and execute a strategy to achieve this outcome.”But so is standing up to financial firms that think they can get away with taking advantage of ordinary people . That was money taken from working people in the form of onerous loan terms, undisclosed fees and shady practices. Apparently that’s no longer a major concern for the CFPB.“It goes without saying that the director is committed to taking swift action against bad actors,” she told me.
She also said financial institutions overseen by the bureau need “to self-examine, self-report, and provide restitution where appropriate.”Ed Mierzwinski, senior director of the federal consumer program for the U.S. Public Interest Research Group, said any mission statement for the CFPB that doesn’t emphasize aggressive law enforcement is nothing more than “a dog whistle to industry to keep marketing profitable, deceptive products.
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