Although Senate Banking Committee ranking Democrat Sherrod Brown of Ohio seldom agrees with CFPB Director Kathleen Kraninger, Brown said Tuesday he is pleased that the director has shelved an agency reorganization plan.
“Director Kraninger did the right thing by agreeing to my request to suspend the reorganization,” Brown said. “It is entirely inappropriate for an outgoing administration to weaken the bureau’s ability to hold financial institutions accountable. At this point, new CFPB leadership under President Biden should determine the future direction of the agency.”
Bloomberg Law reported Monday that in an email to staff, CFPB officials said they were suspending the reorganization plan. CU Times obtained a copy of the email and confirmed the reorganization plans have been suspended.
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