Banking Law News

CFPB Chief Touts Prevention of Consumer Harm Over Enforcement (1)

April 17, 2019, 3:42 PMUpdated: April 17, 2019, 8:38 PM

The Consumer Financial Protection Bureau will be place an emphasis on supervising financial firms rather than relying heavily on enforcement actions to protect consumers, director Kathleen Kraninger said in her first major policy speech.

A focus on supervision and rulemaking will “prevent violations from happening in the first place,” Kraninger said April 17 at the Bipartisan Policy Center, a Washington think tank.

The prevention emphasis may also lead to a change in how the CFPB evaluates its measures of success, she said. “All too often agencies tend to judge themselves by their outputs,” such as annual complaints, casework and money...

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