WHERE IS THE CFPB HEADED? UPDATE

Last week we reported that the CFPB has its first Director, not Acting Director, since Richard Cordray resigned a little over a year ago. We observed that due to lack of meaningful prior experience it is difficult to predict the direction in which Director Kathy Kraninger might steer the agency. She appears to be starting out with a few lightweight items.

For example, under Director Cordray the agency was the Consumer Financial Protection Bureau. Acting Director Mick Mulvaney changed to the name to the Bureau of Consumer Financial Protection, but before the name could be changed on all products and materials Director Kraninger has halted the changes and has decided to retain the original name. Now we don’t have to learn to state BCFP instead of CFPB.

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