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John C. Redding quoted in AutoFinance News article, “Attorneys weigh in on Kraninger appointment, impact on auto lenders”

Auto Finance News

John C. Redding

John C. Redding was quoted on December 10, 2018 in an Auto Finance News article, “Attorneys weigh in on Kraninger appointment, impact on auto lenders,” which discussed the appointment of Consumer Financial Protection Bureau Director Kathy Kraninger and how her agenda could affect auto lenders. The article stated, “Earlier this year, the CFPB fell under the scrutiny of Judge Loretta Preska of the Southern District of New York who ruled that it was unconstitutional of the CFPB to be structured as an independent agency that exercises substantial executive power and is headed by a single director.”

Redding noted, “Kraninger will serve a five-year term as CFPB director, which may provide some impetus for Democrats and Republicans to truly consider a commission structure. It will be interesting to see how the Democrats approach the bureau’s single director mode, particularly if they believe they can take the White House in the next election, since Director Kraninger’s term will last approximately three years into the next president’s term.”

The article went on to say that “given the likelihood of Maxine Waters’ (D-Calif.) appointment as chair of House Financial Services Committee, Kraninger is likely going to experience heightened scrutiny from the incoming Democratic House.” Redding added, “Pressure on Director Kraninger from Cong. Waters is likely, and could result in distractions from the bureau’s core mission of protecting consumers.”

Click here to read the full article.