Biden Asks Consumer Protection Chief Kraninger To Step Down
CFPB Director Kathy Kraninger handed in her resignation Wednesday at the request of U.S. President Joe Biden.

CFPB Director Kathy Kraninger handed in her resignation Wednesday at the request of U.S. President Joe Biden.
PYMNTS.COM – Consumer Financial Protection Bureau (CFPB) Director Kathy Kraninger handed in her resignation Wednesday (Jan. 20) at the request of U.S. President Joe Biden, newly sworn in as the 46th U.S. president, Bloomberg Law reported.
I support the Constitutional prerogative of the President to appoint senior officials within the government who support the President’s policy priorities, which ensures our government is responsive to the will of the people as expressed in presidential elections.
The President Donald Trump appointee announced her resignation on Twitter about one hour after Biden was inaugurated. Kraninger, who was appointed in December 2018, said she would leave her post effective immediately.
“I support the Constitutional prerogative of the President to appoint senior officials within the government who support the President’s policy priorities, which ensures our government is responsive to the will of the people as expressed in presidential elections,” Kraninger said in a letter to Biden, which she posted on Twitter.
While at the CFPB, Kraninger rolled back payday lender regulations, finalized debt collection laws and made changes to consumer finance regulations, Bloomberg Law reported. Under her leadership, enforcement stalled in comparison to the CFPB’s former director, Richard Cordray, appointed by former President Barack Obama. During her two-year term, the CFPB collected roughly $1.5 billion in consumer relief. Cordray’s CFPB secured more than $12 billion in consumer relief over more than five years.
Biden has appointed Rohit Chopra, commissioner of the Federal Trade Commission (FTC) and the CFPB’s former student loan watchdog, to a five-year term as head of the agency, PYMNTS reported. Chopra is expected to run the CFPB with a stronger hand, following the landscape laid out by Cordray and the CFPB’s creator Sen. Elizabeth Warren.
Although Kraniger’s appointment was through 2023, a Supreme Court rule challenged the CFPB’s structure in June and found it unconstitutional, giving Biden the ability to appoint someone new, Bloomberg Law reported.
It was anticipated that Biden would appoint a new CFPB director. The CFPB has been tasked with enforcing financial regulations and protecting consumers. Chopra, a Wharton-trained MBA, previously worked as a McKinsey consultant before moving into government.
Originally posted on Agent Entrepreneur
More Showroom

Mitsubishi Unveils U.S. Plan
The automaker announced a strategy that includes an expanded lineup and dealership presence, along with more ‘rugged’ and electric models.
Read More →
Used Lots Getting the Business
Many consumers are seeking out the units to save money, and the demand – higher in July than normal – is keeping supply limited and prices up.
Read More →
Used Market Stabilizes
The Carfax Used Car Index noted a major drop in used-vehicle price increases in July after several months of hikes.
Read More →
California Hybrids Reach State Record
The Golden State still leads the country in electric-vehicle registrations, but much like the rest of the U.S. its hybrid market share is up while full electrics stabilize after a dramatic first-quarter dip.
Read More →
My Mercedes in the U.S.
The German brand debuted its studio dealership concept for the first time in the states in Los Angeles, tapping Americans’ penchant for creative distinctions.
Read More →
Used Sales Hit Summer Drag
The vacation season, combined with high prices, has dented deliveries and added to inventories, though supply is still slim enough to keep listings elevated.
Read More →
California Launches EV Rebate Program
Participating automakers are matching the state's $13.5 million investment in new electric-vehicle rebates scheduled to take effect later this summer.
Read More →
OEM Poll Sees Industry Evolution
Kerrigan Advisors’ survey of automakers finds that tariffs, technology, network tightening and other factors are poised to reshape auto retail.
Read More →
The Trade-In Paradox
Retailing older cars with confidence in today’s market is a matter of establishing and following a clear process that can turn greater profit for auto dealers as they aim to meet used-unit hunger.
Read More →
Focus on Vehicle Cabins
The market for interior materials will grow in coming years as automakers look to meet consumer demand while staying competitive with changeups to sourcing and included features.
Read More →