Change to Win Statement on Kathy Kraninger Senate Banking Committee Hearing

PRESS CONTACT: Drew Zimmerman
212-341-7070 | drew.zimmerman@changetowin.org

WASHINGTON, July 19, 2018– Kathy Kraninger, the current Office of Management and Budget (OMB) Associate Director and President Trump’s nominee for Director of the Consumer Financial Protection Bureau (CFPB), is testifying today before the Senate Banking Committee. Change to Win opposes her confirmation, based on Kraninger’s limited experience in protecting consumers from harmful financial practices.

“Kathy Kraninger’s total lack of expertise in consumer protection and financial services makes her a poor choice to serve as Director for the CFPB,” said Michael Zucker, director of Change to Win’s Retail Initiatives Group. “The Bureau was created in the aftermath of the Great Recession, and has a core mission of shielding consumers from the same predatory lending practices that led to the financial crisis. We need a consumer champion to head the CFPB, a leader with the expertise to hold lenders accountable for abusive practices that hurt working families and have disastrous ripple effects throughout the economy. Kraninger is decidedly not that leader.”

Kraninger also has a troubling history of mismanagement which includes failing to properly oversee the terrorist watch list, participating in the Trump Administration’s family separation immigration policy, and overseeing agencies that abandoned Puerto Rico after Hurricane Maria.

Change to Win and its allies seek a CFPB Director who will uphold the agency’s core mission of protecting consumers, and will not be beholden to Wall Street or payday lenders.

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