{"id":1003909,"date":"2019-03-07T19:21:43","date_gmt":"2019-03-07T23:21:43","guid":{"rendered":"https:\/\/democrats.org\/?p=1003909"},"modified":"2024-05-23T20:08:27","modified_gmt":"2024-05-23T20:08:27","slug":"kraninger-makes-clear-shes-choosing-bad-actors-over-consumers","status":"publish","type":"post","link":"https:\/\/democrats.org\/news\/kraninger-makes-clear-shes-choosing-bad-actors-over-consumers\/","title":{"rendered":"Kraninger Makes Clear She\u2019s Choosing Bad Actors Over Consumers"},"content":{"rendered":"

Today, during her first appearance before the House Financial Services Committee, Trump\u2019s CFPB chief Kathy Kraninger made it abundantly clear that the concerns raised during her confirmation hearing last year were far from unfounded. Kraninger proved she\u2019s a worthy successor to Mick Mulvaney and is wholly committed to siding with bad actors over the consumers she\u2019s supposed to protect.<\/p>\n

 <\/p>\n

Kraninger made clear that she\u2019ll carry on Mulvaney\u2019s disastrous legacy of undermining the CFPB\u2019s mission, and she wouldn\u2019t even say whether she believed the agency should exist.<\/p>\n

 <\/p>\n

Wall Street Journal<\/a>: \u201cHer comments suggested she would build on policies of her immediate predecessor, Mick Mulvaney, who now serves as White House chief of staff. \u2018I expect to emphasize stability, consistency, and transparency as hallmarks as we mature the agency,\u2019 she said, outlining a philosophy of working with companies on enforcement and supervision, emphasizing the cost of regulations as well as benefits, while protecting consumers.\u201d<\/p>\n

 <\/p>\n

REP. RASHIDA TLAIB: \u201cDo you believe that we even need the bureau at all?\u201d<\/p>\n

KATHY KRANINGER<\/a>: \u201cI absolutely believe consumer protection is a responsibility of the federal government, and as I said, Congress created the bureau to that end.\u201d<\/p>\n

 <\/p>\n

Kraninger defended her continuation of Mulvaney\u2019s policies that are friendly to predatory payday lenders and undercut fair lending oversight<\/p>\n

 <\/p>\n

Los Angeles Times<\/a>: \u201cKathy Kraninger defended some of those changes, including weakening oversight of lending to minorities and military service members, as well as new standards for payday loans, in her first appearance before Congress as director of the Consumer Financial Protection Bureau.\u201d<\/p>\n

 <\/p>\n

Los Angeles Times<\/a>: \u201cKraninger would not agree to reverse some of Mulvaney\u2019s changes, including his removal of supervisory and enforcement powers for the bureau office that polices fair lending laws protecting consumers from racial and other discrimination, as well as his determination that the agency lacked clear authority to examine firms to determine whether they are complying with legal protections for loans to military members.\u201d<\/p>\n

 <\/p>\n

Kraninger reinforced her lack of relevant experience and was unable to do a basic loan calculation.<\/p>\n

 <\/p>\n

REP. GREGORY MEEKS: \u201cWhen I look at your background, for example, prior to this job you never had an interest in consumer protection. You\u2019ve not done anything in that regards, correct?\u201d<\/p>\n

KATHY KRANINGER<\/a>: \u201cI am a consumer \u2013.\u201d<\/p>\n

 <\/p>\n

Los Angeles Times<\/a>: \u201cRep. Katie Porter (D-Irvine) tried Thursday to get Kraninger to calculate the annual percentage rate for a specific short-term loan as a way of determining her competence for the job. Kraninger refused to do the \u2018math exercise\u2019 even after being provided a calculator, arguing she understood the broader point. \u00a0\u2018I take that as a no, that you cannot do the calculation,\u2019 Porter said.\u201d<\/p>\n

 <\/p>\n

Kraninger refused to acknowledge the student debt crisis, saying \u201ccrisis\u201d was a loaded word.<\/p>\n

 <\/p>\n

REP. AYANNA PRESSLEY: \u201cYes or no, would you agree that we have a student debt crisis in our country?\u201d<\/p>\n

KATHY KRANINGER<\/a>: \u201cCertainly growing student debt is a concern that we absolutely need to look at –.\u201d<\/p>\n

PRESSLEY: \u201cYes or no, would you agree that we have a student debt crisis in this country?\u201d<\/p>\n

KRANINGER: \u201cI think that word is a very loaded word \u2013.\u201d<\/p>\n

PRESSLEY: \u201cI\u2019ll take that as a no.\u201d<\/p>\n

<\/div>\n","protected":false},"excerpt":{"rendered":"

Today, during her first appearance before the House Financial Services Committee, Trump\u2019s CFPB chief Kathy Kraninger made it abundantly clear that the concerns raised during her confirmation hearing last year were far from unfounded. Kraninger proved she\u2019s a worthy successor to Mick Mulvaney and is wholly committed to siding with bad actors over the consumers […]<\/p>\n","protected":false},"author":263,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1003909","post","type-post","status-publish","format-standard","hentry","category-press-release"],"acf":[],"yoast_head":"\nKraninger Makes Clear She\u2019s Choosing Bad Actors Over Consumers - Democrats<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/democrats.org\/news\/kraninger-makes-clear-shes-choosing-bad-actors-over-consumers\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:site_name\" content=\"Democrats\" \/>\n<meta property=\"article:published_time\" content=\"2019-03-07T23:21:43+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-05-23T20:08:27+00:00\" \/>\n<meta name=\"author\" content=\"Claire DePree\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Claire DePree\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/democrats.org\/news\/kraninger-makes-clear-shes-choosing-bad-actors-over-consumers\/\",\"url\":\"https:\/\/democrats.org\/news\/kraninger-makes-clear-shes-choosing-bad-actors-over-consumers\/\",\"name\":\"Kraninger Makes Clear She\u2019s Choosing Bad Actors Over Consumers - 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