Last week CFPB Director Kathy Kraninger presented her first policy speech, saying the bureau will focus on “prevention of harm to consumers.” Additionally, 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. Read the full Washington Wire here.