CFPB head, charged with protecting consumers, says people need ‘to help themselves’ [Los Angeles Times (CA)]
Wells Fargo & Company (WFC)
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Source: Los Angeles Times
CFPB head, charged with protecting consumers, says people need ‘to help themselves’ After becoming head of the Consumer Financial Protection Bureau — a job for which she had little if any relevant experience — Kathleen Kraninger went on what she called a three-month “listening tour” to learn how best to safeguard the public from greedy banks, credit-card companies and lenders. This week she revealed what she’d learned. Consumers don’t need much protection from banks, credit-card companies and lenders, it turns out. They just need a little schooling. “Empowering consumers to help themselves, protect their own interests, and choose the financial products and services that best fit their needs is vital to preventing consumer harm and building financial well-being,” Kraninger said in a speech to the Bipartisan Policy Center, a Washington think tank. “Today’s consumers need these skills more than ever,” she said. “For example, fewer than half of Americans set aside money for their children
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