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CFPB Director's First Public Remarks

Thursday, April 18, 2019   (0 Comments)
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Summary of CFPB Director Kathy Kraninger's First Public Remarks

 

RESPRO® was in attendance as Consumer Financial Protection Bureau Director Kathy Kraninger made her first public remarks at the Bipartisan Policy Center, a DC think tank, on April 17, 2019. Her remarks echoed the statements she made before Congress last month. In laying out her vision for the Bureau, which she stressed is different from the goals of her predecessor Mick Mulaney, she emphasized the importance of prevention but expressed enforcement is "the heart of the agency." In terms of enforcement, she raised the questions "how do you define harm?" and "how do you define bad actors?" during the Q&A. In examining these questions and further understanding all perspectives, she told the audience she has been on a "listening tour" and meeting with stakeholders from both sides of the spectrum.

In addressing the use of guidance as a regulator, Kraninger said, "There is a place for guidance...Congress appropriately wants to make sure the rulemaking authority they have given to agencies, particularly independent agencies, are used appropriately. Guidance is not the same level as a rule. We are looking carefully at the things we can do through guidance to provide some perspective on what particular rulemaking may mean, but where it's going further, where it's actually something we want to hold institutions to, we need to do that in rulemaking." 

In addition, her team has been reviewing and prioritizing the 1,750 separate issues that came from the call for evidence related to rulemaking. In reference to how will they assess inherited rules, Kraninger stated, "Certainly, my intention is to lay that out in a more rigorous way in the coming months, so that people know what we have tried to prioritize based on biggest impact areas, biggest cost areas, but the general approach is to continually assess the effectiveness of what we have done and look for opportunities to improve."

 


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