Tester Stands Up to Wall Street by Voting Down CFPB Nominee

"I just can't trust her to hold Wall Street accountable or protect Montana's students, homeowners, and veterans"

(U.S. Senate) – U.S. Senator Jon Tester stood up for Montana’s students, homeowners, and veterans today by voting to stop Kathy Kraninger from becoming Director of the Consumer Financial Protection Bureau (CFPB).

“The CFPB Director must defend consumers in the wake of a massive financial crisis caused by Wall Street,” Tester said. “Given her record and lack of transparency in the confirmation hearing, I just can’t trust Kathy Kraninger to hold Wall Street accountable or protect Montana’s students, homeowners, and veterans.”

Instead of reining in Wall Street and other predatory lenders, the CFPB’s current Acting Director Mick Mulvaney has undermined protections for student loan borrowers, halted the agency’s investigation into the Equifax data breach, and installed overpaid political appointees.

“Mr. Mulvaney has pulled back the payday lending rule, he’s eliminated the Office of Students and Young Consumers, he’s pulled back the prepaid accounts rule, and he’s done more things than quite frankly I’ve got fingers,” Tester told Kraninger at her confirmation hearing last month. “Do you think that those were the right actions to take?”

Kraninger not only refused to condemn any of Mulvaney’s actions, but gave him a resounding endorsement when Tester asked whether she thought Mulvaney had done a good job as Acting Director.

“He is my current boss who I respect greatly and he has actually been focused on implementing the law from that standpoint I would say yes,” Kraninger said.

Tester voted to create the CFPB in the wake of the 2008 financial crisis and has recently held companies like Wells Fargo and Equifax accountable with the help of the agency. Tester has been vocal about his concerns regarding Mulvaney’s leadership at the CFPB, taking the Acting Director to task over wasteful spending, neglected investigations, and destructive decisions at the agency.

More information about Tester’s efforts on behalf of consumers is available HERE.