According to an American Banker report, CFPB Director Kathy Kraninger recently sent an email to CFPB staff that provides a window into what her approach to running the CFPB will be.

The report quotes Ms. Kraninger as having said in the email that the CFPB must do its work “with an open mind and without presumptions of guilt, and to always carefully weigh the costs and benefits to consumers of our enforcement activities and regulatory rulemakings.”  She is also reported to have said that on her watch as Director, “the CFPB will vigorously enforce the law,” and that she wants the Bureau “to respect the rights of all we serve and interact with, to safeguard their personal information, and to be transparent in its operations.”  In addition, Ms. Kraninger is reported to have stressed the need for the CFPB to make sure that “the marketplace is innovating in ways that enhance both choice and the needs of the consumers.’

In our view, the email is a welcome signal that Ms. Kraninger does not intend to cast industry as the villain but instead intends to be fair-minded in her leadership of the CFPB and continue former Acting Director Mulvaney’s efforts to promote innovation.