Luetkemeyer Statement on CPFB Policy Change
Washington, March 11, 2021
Tags: Financial Services
WASHINGTON, D.C. – Today, Congressman Blaine Luetkemeyer (MO-03) released a statement following the Consumer Financial Protection Bureau’s (CFPB) announcement that it has rescinded a January 24, 2020 policy statement put in place by former Director Kathy Kraninger to provide clarity around what qualifies as an “abusive” act or practice.
“Director Kraninger’s policy statement gave the CFPB the tools it needed to cultivate compliance and protect consumers from abusive practices. By eliminating this statement, the Biden Administration appears to be reverting to a time when consumer protections and sound regulation took a backseat to ideological crusades. These actions make the Bureau less able to prevent consumer harm while fostering financial products that benefit consumers.”