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CFPB’s Enforcement Director Resigns

Another senior director in the enforcement unit at the Consumer Financial Protection Bureau has resigned, according to a published report. Kristen Donoghue, who was assistant director for enforcement at the CFPB, followed Eric Blankenstein, who was the policy director for supervision, enforcement, and fair lending, out the door, although it’s likely the two departures are completely unrelated.

Donoghue was very critical of Blankenstein when reports surfaced about alleged racist remarks he had made years ago.

Cara Peterson, who is deputy assistant director for enforcement, has been named the acting director, and Jeff Ehrlich, the deputy enforcement director, will become the principal deputy director.

Donoghue was one of the original employees at the CFPB, starting her tenure at the Bureau working with now Sen. Elizabeth Warren [D-Mass.], who was a key architect of the CFPB’s creation. The report notes that Donoghue was one of the few remaining senior managers with ties to the tenure of former Director Richard Cordray, who left the CFPB in November 2017 to unsuccessfully run for governor of Ohio.

Whether Kathy Kraninger, the director of the CFPB, choose to replace Donoghue with an individual who has regulatory enforcement expertise or whether she chooses to follow in the footsteps of her predecessor, former Acting Director Mick Mulvaney and fill top spots with political appointees, will be closely watched.

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