December 6, 2023

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CFPB Director Says Preventing Consumer Harm Is Top Priority

Consumer Financial Protection Bureau Director Kathy Kraninger said today she is focusing the agency on preventing consumer harm.

“An ounce of prevention is worth a pound of cure,” Kraninger told an audience at the BiPartisan Policy Center, a Washington, DC think tank.

With a greater emphasis on prevention, Kraninger said she expects the number of complaints to the CFPB and the size and number of enforcement actions to decline.

But while de-emphasizing enforcement, the CFPB chief said supervision is the heart of the agency.

“(Violations), if unaddressed, can lead to future violations. We need to ensure a culture of compliance,” she asserted.

Kraninger told the group the ultimate goal of bureau is to raise the number of people who can cover a financial shock like a $400 emergency.

She asserted the CFPB is not going away, taking an opposing stance to her immediate predecessor Mick Mulvaney who once tried to abolish it.

“It is critical to the economy,” she contended.

Mulvaney served as acting CFPB head while he was Office and Management and Budget Director under President Donald Trump. He remains as OMB head.

Mulvaney also tried to cut the CFPB’s budget.

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