by Jeff Sovern
Regular CFPB observers will recall that after Mulvaney took over as acting CFPB director, it took many months before the Bureau announced its first enforcement action. Well, the new director, Kathy Kraninger, has already announced her first settlement. This settlement might offer some guidance as to what kind of director Kraninger will be. It will be interesting to see if the CFPB staff had recommended a fine different from that agreed to under the settlement. Or perhaps former Bureau staffers will comment publicly on whether they find the settlement agreement satisfactory. Will there be a Kraninger discount, as there was a Mulvaney discount? The absence of a Mulvaney-style interval between Kraninger's assuming the directorship and announcing the first settlement may signify that, as expected, Kraninger has taken over an operation from someone whose ideology is consistent with her own, and so revisiting past decisions in the case is unnecessary. Evan Weinberger at Bloomberg has a report here.