This press release was originally posted through Allied Progress. Allied Progress is now Accountable.US.
Washington DC — There ain’t no party like a big bank holiday party because a big bank holiday party … probably has a pretty amazing spread, eh, Director Kraninger? In case you missed it, the Trump CFPB quietly posted its Leadership Calendars for December 2019, and they revealed Kathy Kraninger had blocked off time to attend two separate holiday parties hosted by the Bank Policy Institute and the American Bankers Association.
It makes sense that Director Kraninger would pencil herself in for eggnog and good cheer with banking industry insiders just days after she declared bankers “are really helping drive the agenda” at the CFPB. It’s what friends do.
And it made sense for the bankers to invite her. While the CFPB has broad authority to investigate and enforce consumer financial laws and has primary enforcement authority over the largest banks, Director Kraninger rarely exercised it last year. It didn’t matter how naughty big banks had behaved, on Kraninger’s watch the Bureau only bothered to file 24 enforcement actions in 2019 – a nearly 70% decline since the transition from Democratic to Republican leadership at the CFPB. And in her first six months on the job, Kraninger only managed to recover 6%of the consumer relief that former Director Richard Cordray was able to over a similar 6 month period. Cheated consumers got little more than coal while bad financial actors got the gift of unaccountability.
When there’s no cop on the Wall Street beat, it’s like Christmas year-round for the big banks.
WHAT YOU NEED TO KNOW:
Kathy Kraninger Apparently Celebrated The Holidays With Big Banks And Their DC Lobbyists.
In December 2019, Kathy Kraninger Had At Least 2 Holiday Parties Hosted By Major Banking Industry Trade Groups Scheduled On Her Official Calendar.
Kathy Kraninger Appears To Have Planned To Attend The Bank Policy Institute’s (BPI) 2019 Holiday Party On December 4th.
Kathy Kraninger’s Official CFPB Leadership Calendar Shows A “Hold” On December 4, 2019 For A “Bank Policy Institute Holiday Party.” [“Kathy Kraninger December 2019 Leadership Calendar,” Consumer Financial Protection Bureau, accessed 01/22/20]
The Bank Policy Institute Had Its 2019 Holiday Party On December 4, 2019 From 5:00 PM To 7:00 PM. [“BPI Holiday Party 2019,” Bank Policy Institute, accessed 01/22/20]
The Bank Policy Institute Is A “Nonpartisan Public Policy, Research And Advocacy Group” Representing The “Nation’s Leading Banks,” Including “Universal Banks, Regional Banks And The Major Foreign Banks Doing Business In The United States.” “The Bank Policy Institute (BPI) is a nonpartisan public policy, research and advocacy group, representing the nation’s leading banks. Our members include universal banks, regional banks and the major foreign banks doing business in the United States. Collectively, they employ nearly 2 million Americans, make 72% of all loans and nearly half of the nation’s small business loans and serve as an engine for financial innovation and economic growth.” [“Mission Statement,” Bank Policy Institute, accessed 01/22/20]
Kathy Kraninger Also Appears To Have Planned To Attend The American Bankers Association’s (ABA) 2019 Holiday Open House On December 11th.
Kathy Kraninger’s Official CFPB Leadership Calendar Shows A “2019 ABA Holiday Open House” On December 11, 2019. [“Kathy Kraninger December 2019 Leadership Calendar,” Consumer Financial Protection Bureau, accessed 01/22/20]
On December 11, 2019, Eugene Shvartsman Tagged Rob Morgan, VP Of Emerging Technologies For The American Bankers Association, In A Tweet Regarding Their Attendance At The ABA Holiday Party. [Tweet by Eugene Shvartsman, 12/11/19, accessed 01/22/20]
- Robert A. Morgan Is The American Bankers Association’s Vice President Of Emerging Technologies, Payments & Cybersecurity. [“FinTech Policy,” American Bankers Association, accessed 01/22/20]
The American Bankers Association “Represents Banks Of All Sizes.” “The American Bankers Association proudly represents banks of all sizes and their two million dedicated employees. We provide the training, advocacy and expertise they need to help their customers, communities and America thrive.” [“The United Voice of America’s Banks,” American Bankers Association, accessed 01/22/20]