Sen. Warren Calls CFPB’s Kraninger a ‘Miserable Failure;’ Says She Should Resign

The Democratic senator who conceived of the Consumer Financial Protection Bureau more than ten years ago told CFPB Director Kathleen Kraninger that the agency is doing little to protect consumers during the pandemic.

“Your leadership has been a miserable failure based on your actions in this pandemic,” Sen. Elizabeth Warren (D-Mass.) told Kraninger during a Senate Banking Committee hearing on oversight of the agency. “You should resign.”

NCUA Encouraging Credit Unions to Make Small-Dollar, Short-Term Loans

Amid the pandemic crisis, credit unions and banks should offer members and customers safe short-term, small-dollar loans that would mitigate the need for borrowers to re-borrow to repay loans, federal banking regulators, including the National Credit Union Administration, said Wednesday.

“Federally supervised financial institutions are well-suited to meet the credit needs of customers affected by the current COVID-19 emergency,” the NCUA, Federal Deposit Insurance Corporation (FDIC), the Federal Reserve Board and the Office of the Comptroller of the Currency said in a joint statement.