Kathy Kraninger, the controversial Trump nominee for the head of CFPB got confirmed by the senate yesterday.
What is CFPB?
Consumer Financial Protection Bureau, a watchdog agency, was created in 2011 to protect Americans from being ripped-off by financial companies. During its first 6 years, they have helped out more than 29M harmed consumers and given out nearly $12 billion in relief.
“Sick, sad joke”
Things started to change after Mick Mulvaney became chief of the bureau. Mulvaney, as a congressman, called the agency a “sick, sad joke” and wanted to abolish it. What really was a sick, sad joke was that Trump picked him to run the agency. Determined to fuck Americans over, Mulvaney worked hard to make the agency weaker – like dropping lawsuit against Golden Valley Lending who charged people up to 950% interest.
New watchdog has a shady past
We don’t yet know if new chief Kraninger would be an upgrade over Mulvaney, but her background damn sure ain’t giving us hope. She has no experience in consumer issues, was behind the horrible relief efforts for Hurricane Maria, and was involved in Trump admin’s family separation policies at the border. The “Best People”, though, right?