March 10, 2020

Brown Releases Report Outlining How CFPB Fails to Carry out Mission, Betrays Americans under Director Kraninger’s Leadership

Ahead of Director Kraninger’s Report to Congress, Brown Outlines Trump Administration’s Failure to Protect American Consumers

WASHINGTON, D.C. — U.S. Sen. Sherrod Brown (D-OH) – ranking member of the U.S. Senate Committee on Banking, Housing, and Urban Affairs – and Senate Democrats on the Committee released a report today ahead of Consumer Financial Protection Bureau (CFPB) Director Kathy Kraninger’s semi-annual report to Congress.

The report details the ways the agency has failed to live up to its mission under Director Kraninger’s leadership, including failing to defend the constitutionality of the CFPB, refusing to hold payday lenders accountable when they take advantage of servicemembers, letting student loan servicers off the hook and failing to enforce civil rights protections.

“Not only has Director Kraninger neglected her own duty to ensure that ‘federal consumer financial laws are enforced consistently,’ she has undermined career public servants who have attempted to fulfill the agency’s purpose—protecting consumers from corporate abuse. She has repeatedly placed the agency on the side of large corporate interests, at the cost of hardworking families’ paychecks,” the report says.

A copy of the report can be found HERE.