Statement on President Biden’s CFPB Director Nomination
January 20, 2021, Washington, D.C. – INFiN, a Financial Services Alliance, issued the following statement, attributable to executive director Ed D’Alessio, regarding President Joseph R. Biden’s decision to nominate Rohit Chopra to be director of the Consumer Financial Protection Bureau (CFPB), and Kathy Kraninger’s decision to resign from that position:
“Since the Consumer Financial Protection Bureau opened its doors almost a decade ago, the consumer financial services industry has sought to build a constructive relationship with the agency, demonstrating our critical role in meeting Americans’ needs through a regulated, transparent, cost-competitive market. We welcome the opportunity to work with Rohit Chopra, if confirmed as President Biden’s nominee to be the next director of the CFPB.
INFiN is committed to ensuring financial stability and inclusion for all Americans. We urge Mr. Chopra to draw on his prior experience helping to establish the CFPB to advance its mission to protect consumers, modernize our consumer financial services market, and create a level regulatory playing field that benefits consumers and providers – especially amid an unprecedented public health and economic crisis. In particular, the CFPB must take an evidence-based and data-driven approach to its work, listening to and addressing the concerns and complaints of consumers in order to improve inclusion, transparency, and innovation, while rooting out bad actors and scammers.
We will continue to elevate the ever-evolving nature of consumers’ financial needs with the CFPB and the need for policies that adapt to and reflect this dynamic landscape. Only then can consumers responsibly and successfully access the products and services they need, expect, and deserve with clarity, dependability, and stability. During a period when access to credit may be more constrained just as many consumers need options, the CFPB and our industry together play important roles in maintaining that broad access alongside fundamental protections.
Outgoing director Kathy Kraninger has proven herself to be a capable and dedicated director of the CFPB, confidently leading this relatively young, one-of-a-kind federal agency as just its second permanent director. While we have not always seen eye-to-eye with the bureau under Director Kraninger – just as with her predecessor, former director Richard Cordray – the CFPB, under her leadership, has taken decisive steps to preserve Americans’ access to vital, regulated services, including small-dollar loans, helping millions make ends meet.”