Reaction from Derek Martin, director of consumer watchdog group Allied Progress: “While she’s looking under the hood for ways to make examinations easier on industry, perhaps Director Kraninger will consider reinstating the Military Lending Act as a part of supervisory exams, which 33 state Attorneys General have asked her to do. Kraninger may think it’s the CFPB’s job to educate before they enforce, but service members and other consumers are counting on the Director to hold bad actors accountable and put a stop to predatory behavior. Thus far, her record on both counts is lacking.”
BACKGROUND: CFPB Director Kathy Kraninger Announced The Bureau Is Reevaluating Its Examination Process.
- CFPB Director Kathy Kraninger Announced The Bureau “Is Reevaluating Its Process Of Examining Financial Institutions” And Said They “‘Are Taking A Fresh Look At The Entire Examination Process.’”“The CFPB is reevaluating its process of examining financial institutions, Director Kathy Kraninger said today, as part of a broader review of how the agency does business. ‘We are taking a fresh look at the entire process of examinations to ensure that we’re risk-prioritizing our resources, utilizing technology to automate certain tasks and taking full advantage of appropriate partnerships with our fellow regulators,’ Kraninger told the Exchequer Club in Washington.” [Katy O’Donnell, “Kraninger hints at changes to exam process,” Politico, 07/17/19]