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U.S. NEWS Wednesday 12 december 2018

Consumers

ing won control of the U.S. has been sharply critical of interest,” Lisa Donner, ex-
Continued from Front who was the top official House as a result of the Mulvaney’s tenure. ecutive director of Ameri-
overseeing student loan is- midterm elections, over- Consumer groups have cans for Financial Reform,
Mulvaney, named by sues. Mulvaney hired sever- sight of the CFPB under kept up their opposition. said in a statement. “Kran-
Trump as acting director al Republican political op- Kraninger will surely intensi- “Kraninger needs to take inger needs to change
a year ago, had been a eratives to oversee nearly fy. Rep. Maxine Waters, the concrete steps toward get- course and return to the
vocal critic of the agency all parts of the agency’s California Democrat who ting the agency back to job of standing up for peo-
and made deep changes operations. will head the House Finan- its true mission: protecting ple ripped off by Wall Street
to it. He proposed cutting In her meeting with report- cial Services Committee, consumers and the public and predatory lenders.”q
back many of the CFPB’s ers, Kraninger said there
rules put in place during are “appropriate roles” for
the Obama administration both career staff and politi-
and scaled back its en- cal appointees at the CFPB.
forcement efforts. She didn’t reject outright
“We absolutely will put Mulvaney’s view that the
consumers first in the deci- CFPB under Obama ap-
sions that I will make,” Kran- pointee Richard Cordray
inger said Tuesday in her had overreached in its en-
first meeting with reporters. forcement actions against
A leading priority will be companies selling financial
the security and privacy products and services.
of data, what the agency The CFPB was created as
collects from consumers in independent agency by
and what it stores, she said. the landmark Dodd-Frank
Extensive review and con- law that overhauled the
sultation will come before regulations governing Wall
those decisions are made, Street and banks around
Kraninger said. the country in the wake of
“I want to understand why the 2008-09 financial crisis.
and how something was Its director was given broad
done before.” latitude to act alone, with-
Many observers expect out winning agreement
Kraninger to run the agen- from members of an agen-
cy in a similar industry- cy board.
friendly way to Mulvaney’s. While it enforces consum-
Kraninger is taking up a five- er-protection laws, the
year term as CFPB director. CFPB also gained powers
She worked as a mid-level to scrutinize the practices
official in the White House’s of virtually any business sell-
budget office, most recent- ing financial products and
ly under Mulvaney, who re- services: credit card com-
mains its head. panies, payday lenders,
Kraninger has no experi- mortgage servicers, debt
ence in financial services collectors, for-profit colleg-
and had never run a fed- es, auto lenders, money-
eral agency before — transfer agents. Under Cor-
prompting Democratic dray, the agency under-
lawmakers to oppose her took enforcement actions
nomination. against an array of compa-
Mulvaney’s actions spurred nies large and small, and
the departure of many claimed that it returned
high-level staff members tens of billions of dollars to
at the agency, including consumers harmed by ille-
deputy director Leandra gal practices.
English and Seth Frotman, With the Democrats hav-