Kraninger pledges transparent, efficient regulations at the CFPB
WASHINGTON, DC (February 26, 2020) — Consumer Financial Protection Bureau Director, Kathy Kraninger, addressed 5,500 credit union leaders at the Credit Union National Association Governmental Affairs Conference (CUNA GAC) Tuesday morning, saying that the Bureau will continue to strive for a transparent and efficient regulatory process.
CFPB is reviewing the current regulations to make sure they are effective, evidence based and meeting their objective. Kraninger noted that part of the mission of consumer protection is ensuring businesses are able to comply with consumer protection rules and regulations.
“Issuing clear rules of the roads is our goal to make sure companies know how to comply and understand what constitutes a violation. We want our rulemaking process to be transparent, allow for public feedback and reflect rigorous economic and market analysis,” she said, pointing to the recent Qualified Mortgage patch and remittances actions as examples of this process.
Kraninger said her goal was to continue improving processes at the CFPB on behalf of both consumers and businesses.
“Through better processes we hope to create a climate where problems are dealt with properly and fairly, and even better, kept from the consumer’s doorstep in the first place,” she said. “We must help the consumers know their rights and industry to know their responsibilities. Our goal is clear rules of the road for all to create consumer access to a fair, transparent and competitive marketplace.”
The CFPB formulated the “Start Small, Save Up” initiative to help consumers build and maintain liquid savings. In her address, Kraninger highlighted three aspects of the initiative which include encouraging employers to make savings automatic for their employees, working with communities and local leaders to explore savings solutions, and leveraging the Bureau’s research capacity to facilitate improvements.
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