Committee Staff Report Documents Trump-Appointees' Efforts to Leave Consumers High and Dry
Washington, October 16, 2019
Today, Congresswoman Maxine Waters (D-CA), Chairwoman of the Committee on Financial Services, released a Majority staff report entitled, “Settling for Nothing: How Kraninger’s CFPB Leaves Consumers High and Dry.”
According to the report, Trump-appointed leadership, including Director Kathleen Kraninger, have failed consumers by undermining the Consumer Financial Protection Bureau’s (Consumer Bureau or CFPB) previously robust policing of misconduct in the financial sector.
The report presents evidence that the Trump Administration’s politicization of the Consumer Bureau has led to a decline in the Consumer Bureau’s redress for harmed consumers.
“It is unacceptable that Trump Administration political appointees are intervening to prevent consumers from getting their money back after they’ve been the victim of predatory financial institutions,” said Chairwoman Waters. “After several settlements that failed to compensate harmed consumers, I directed my staff to open an investigation to find out why bad actors were being prioritized over consumers. This report is only the beginning of the Committee’s efforts to investigate wrongdoing, and as Chairwoman of the Committee, I will continue my efforts to put consumers first.”
In February 2019, the House Financial Services Committee’s Majority staff opened this investigation to examine how and why the Consumer Bureau, under Trump-appointed leadership, failed to seek consumer relief in certain cases. After reviewing thousands of pages of internal Consumer Bureau documents, the Committee’s Majority staff issued the following findings and conclusions:
Majority Staff Findings:
Majority Staff Conclusions:
To read the full report, click here.