Statement on Confirmation of Kathy Kraninger as BCFP Director

December 6, 2018 | Federal & CFPB Regulations

Dennis Shaul, CEO of the Community Financial Services Association of America (CFSA), today released the below statement following the confirmation of Kathy Kraninger as Bureau of Consumer Financial Protection (BCFP) Director:

“CFSA congratulates Kathy Kraninger on her confirmation as BCFP Director. The BCFP deserves a Director who will listen to consumers and rely on unbiased data and research to guide its work. Ms. Kraninger is a longtime public servant and we hope that under her leadership the Bureau fulfills its intended mission as a truly independent, non-partisan agency that serves American consumers.

“Since its creation, the Bureau’s agenda has been guided by partisan politics, which has led to harmful, biased rulemaking – notably its rulemaking that led to the Bureau’s seriously flawed small-dollar lending rule. CFSA looks forward to working with Ms. Kraninger as the Bureau reconsiders – and hopefully repeals – this harmful rule, and to craft commonsense regulations that appropriately balance consumer protection with access to credit moving forward.”