Statement from Online Lenders Alliance on CFPB Director Kathy Kraninger’s Vision for the Bureau
“It was refreshing to hear CFPB Director Kathy Kraninger outline her vision for the agency that she now leads, and specifically to hear her discuss how she wants to make consumers’ lives better through her agency’s work. We were also pleased to hear that the Bureau will be convening a symposia series, with the first topic being the clarification of the unfair, deceptive, or abusive acts and practices (UDAAP) provision.
“In her remarks, Ms. Kraninger also touched upon another important topic – the fact that 40 percent of Americans cannot afford to pay out of pocket for an unexpected $400 emergency. We applaud her efforts to help consumers around the country strengthen their financial well-being, save for emergency situations, and live stronger financial lives. At the same time, we hope they will work with us to ensure that when underserved populations have a need for credit, they can access it.
“We stand ready to work with her as she implements her vision and further examines these important issues.”