Kraninger resigns as CFPB director

by Jeff Sovern

The American Banker's Kate Berry has the report here. Meanwhile, CQ Roll Call's Steven Harass reports that House Financial Services ranking member Patrick McHenry is critical of the selection of Rohit Chopra as the new CFPB Director, saying "the selection will foster a culture of “overregulation” at the agency." The article continues: 

”This is proof that the Biden team is pandering to members of the far-left who want to weaponize the CFPB to go after financial services companies they simply don’t like,” McHenry said in a statement. “Mr. Chopra has made it clear his agenda includes limiting consumer choice, driving up cost of credit for everyone through restrictive policies, and hamstringing job creators through overregulation. If the Biden Administration is looking to foster common ground between Republicans and Democrats, Mr. Chopra is the wrong pick.”

Here's my comment in the article:

[Chopra] has been at the Bureau so he already knows how it works and the challenges it faces. He has experience leading a consumer protection agency from his time at the FTC,” Sovern said Tuesday. “He’s creative and he does his homework. I anticipate that he will build on former director Richard Cordray’s legacy in giving consumers the protections they need.”

I can't find a link to the CQ Roll Call article but it is available on Westlaw, at 2021 WL 163540.