Sen. Warren to CFPB Director: ‘Your Leadership Has Been a Miserable Failure’ and ‘You Should Resign’

EXCERPT:

WARREN: "Director Kraninger, I just read what it is that you actually put out. And what you put out said you're not going to enforce the 30- or 45-day deadlines that are written into law under the Fair Credit Reporting Act so long as the credit reporting agencies are making a good faith effort. For me, you didn't limit it to small businesses, you didn't say, 'We'll take one-off advice on when we think someone's in good faith.' You just sent it out there across the board. And to me that is an invitation to break the law. And it matters, because what we know now, there's been an 86 percent increase in the complaints about credit reporting since the pandemic started. Your own data shows that since you put out this guidance, complaints have continued to go up, not down. So let's recap. You're getting more and more complaints from desperate consumers, but instead you're using the Bureau's full authorities to enforce the law. You just told companies you are going to help them when they cheat consumers. And these are the same companies that had no problem screwing over consumers during the last financial crisis. Look, there is no doubt that consumers are in a better position because the CFPB is out there, and I'm grateful to the career employees who do this every day. But your leadership has been a miserable failure based on your actions in this pandemic. You should resign."