Senators Urge Director Kraninger to Carry Out CFPB's Mission to Protect Consumers - Not Big Banks, Payday Lenders, and Corporate Interests

Statement

U.S. Senators Chris Van Hollen (D-MD), Sherrod Brown (D-OH), Brian Schatz (D-HI), Elizabeth Warren (D-MA) and Jack Reed (D-RI), all members of the U.S. Senate Committee on Banking, Housing, and Urban Affairs, sent a letter to Consumer Financial Protection Bureau (CFPB) Director Kathy Kraninger urging her to cease carrying out the Trump Administration's deregulatory agenda and instead focus on providing relief for hardworking Americans during this economic crisis.

"In the face of this pandemic, the CFPB is needed now more than ever to protect and mitigate the financial harm being inflicted on American families," wrote the Senators. "Instead of taking bold action to protect consumers, the CFPB under your leadership has used this pandemic as an opportunity to protect big banks, payday lenders, debt collectors, and other corporate interests."

"There is still time to demonstrate leadership and issue guidance, policy statements, and use the full scope of the CFPB's regulatory and supervisory authority to direct financial institutions to help consumers. We urge you to shift course and return the CFPB to its core mission: protecting consumers," the Senators conclude.