Kathy Kraninger, head of the Consumer Financial Protection Bureau has been chastised by Democratic senators over her seeming inability to manage Student Loan Servicing Agencies. Kraninger has claimed that every-time she has tried to oversee and manage said loans she has been stopped by the Dept.of Education… She was told by members of the Senate to stand up to Betsy DeVos and do her job.
“The CFPB has the authority to supervise large student loan servicing companies, regardless of whether they collect private student loans or federal student loans. That has long created tension between the Education Department and the CFPB over student loans.” as seen on Politico.com.
Kathy Kraninger, the Consumer Financial Protection Bureau director, made the disclosure in a letter to Democratic senators released on Thursday. | J. Scott Applewhite/AP Photo
Why is this posted on our blog? Kathy Kraninger is the person in charge of protecting consumers against predatory lenders. Predatory lenders like payday loan companies. As a consumer advocate, it is incumbent upon her to take a stand and start knocking these payday loan companies down to size. Hasn’t anybody told her they charge five six and seven hundred percent interest annually? Of course, she knows this but instead decides to look the other way as payday loan companies seem to be very cozy with the White House. You the consumer are not being protected by the person who is supposedly a consumer advocate. Somebody Somewhere believes that loan companies are allowed to steal indiscriminately from consumers and walk away unscathed, albeit with thicker wallets. We will follow up, and keep you, the consumer informed. Democrat senators have admitted that she hadn’t caused the situation but had inherited it. Notwithstanding that inheritance, she has still let this problem fester add become unmanageable… After a year’s time on the job, she still not yet gone to court to try and take charge of this situation..