April 18, 2019
Partner Eric Johnson comments for Bloomberg Law article on CFPB Chief's focus
On April 18, Bloomberg Law reported that new Consumer Financial Protection Bureau (CFPB) director Kathy Kraninger will be placing an emphasis on supervising financial firms rather than relying on enforcement actions to protect customers. Bloomberg summarized Kraninger's first major policy speech, noting that she looks to be taking a similar stance to her predecessor, Mick Mulvaney, but with a "kinder, gentler, less sarcastic tone." A focus on supervision and rulemaking will "prevent violations from happening in the first place," Kraninger said in her speech on April 17.
When interviewed for the story, Partner Eric Johnson said Kraninger sees "supervision as the heart of the CFPB. Before, under Cordray, enforcement was the heart of the heart of the CFPB."
Bloomberg subscribers may click here to read the full article.