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Groups Demand That CFPB Nominee Be Qualified
Prior to a Senate Banking vote on the president's nominee to become permanent director of the Consumer Financial Protection Bureau (CFPB), leading consumer, faith and civil rights organizations sent a letter to the committee describing minimum standards for a qualified director. The President's nominee, Kathy Kraninger, does not meet those standards, nor has she said that she supports the mission of the Bureau: protecting consumers.
Excerpt from the letter:
"In fulfilling its vital mission to protect consumers from fraud, deception, and abusive financial products and practices, the Consumer Bureau needs a Director who has a deep understanding of the myriad issues, debates and trends impacting consumers and their financial transactions. To be an effective advocate for the rights of regular Americans against the predations of big banks and unscrupulous market actors, the Consumer Bureau must be led by a director with expertise in consumer protection issues and the statutes that fall under its purview as well as have a record of standing up for the public interest. The Director of the Consumer Bureau is tasked with making consequential decisions that could mean the difference between working families achieving the American dream or falling into financial ruin. The person who serves in this crucial position must have a proven track record that gives consumers confidence that the Bureau has their best interests at heart."
Resource file downloadLetter From Groups Re CFPB Nomination
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