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CBA Statement on Kraninger's Vision for the CFPB
CBA Statement on Kraninger’s Vision for the CFPB
WASHINGTON – Consumer Bankers Association President and CEO Richard Hunt released the following statement after Consumer Financial Protection Bureau Director Kathy Kraninger outlined her vision for the Bureau:
“CBA members welcome Director Kraninger’s common-sense, principled approach to the CFPB’s direction and her commitment to serve as an impartial regulator. We applaud Director Kraninger’s emphasis on ‘prevention of harm,’ the commitment to a level playing field for all financial institutions, a transparent rulemaking process and a consistent application of examinations.
“Many depository institutions are supervised by the CFPB for Unfair, Deceptive or Abusive Act of Practices violations and by their prudential regulator for Unfair or Deceptive Act of Practices violations, creating an overlapping and potentially confusing supervisory regime. CBA has encouraged Congress to provide regulatory harmony across agencies and are hopeful as the Bureau works to clarify how the regulation is applied.”
NOTE: CBA wrote Senate Banking Committee Chairman Mike Crapo (R-Idaho) and Ranking Member Sherrod Brown (D-Ohio) prior to the committee’s hearing on the CFPB’s semi-annual report to Congress. In the letter, CBA recommended several ways to improve the Bureau to better serve consumers. A full copy of the letter is available here.
About the Consumer Bankers Association:
The Consumer Bankers Association represents America’s leading retail banks. We promote policies to create a stronger industry and economy. Established in 1919, CBA’s corporate member institutions account for 1.7 million jobs in America, extend roughly $4 trillion in consumer loans and provide $275 billion in small business loans annually. Follow us on Twitter @consumerbankers.