The benefit of the doubt new Consumer Financial Protection Bureau Director Kathy Kraninger received from some consumer advocates evaporated this week when she indicated she would ax payday lending standards developed under Obama CFPB Chief Richard Cordray.
On the day last December Kraninger was confirmed by the Senate Cordray appeared to ask his followers not to oppose her from the get-go with a tweet: “Like me, she had not run an agency before.”
Two weeks later, came a tweet pat on the back: “A very reasonable and practical decision by the new CFPB director to scrap most aspects of the costly agency name change”
Then on February 2, Cordray lauded Kraninger in a twitter post for a good enforcement action to bar a group of international payday lenders from ever advertising, making, or collecting on consumer loans in the U.S.
The honeymoon ended four days later.