Sr. Loan Officer | NMLS #161362
Branch NMLS #1912212
Posted On December 11, 2018
Last Thursday, the Senate voted along party lines to confirm Kathy Kraninger as the next director of the Consumer Financial Protection Bureau. Following Richard Cordray’s resignation last year, Mick Mulvaney, the director of the Office of Management and Budget, has served as interim director for the CFPB. Now, a little over a year later, Kathy Kraninger will take over the role.
In a statement, the White House said, she is the “right leader to reform and refocus” the agency. Since its formation following the Financial Crisis in 2011, the Consumer Financial Protection Bureau has remained unchanged, despite economic recovery. Those who support reformation contend that it is time to explore a possible restructuring of the bureau to better suit the needs of today’s consumers, businesses, and financial institutions.
Before her confirmation as the director of the Consumer Financial Protection Bureau, Kathy Kraninger served in the Office of Management and Budget, under the leadership of Mick Mulvaney. President Trump nominated her to lead the Consumer Financial Protection Bureau earlier this year. In her confirmation hearings, Kraninger pledged that “under my stewardship, the bureau will take aggressive action against bad actors who break the rules by engaging in fraud and other illegal activity.”
Some senators praised the nomination. Committee Chairman Mike Crapo, R-Idaho, said, "I have the utmost confidence that she is well prepared to lead the bureau in enforcing federal consumer financial laws and protecting consumers in the financial marketplace.”
Others suggest her involvement with Hurricane Maria aid in Puerto Rico and immigration policy make her unequipped for the leadership position. Sherrod Brown, D-Ohio, commented, “I can’t think of a professional reason that she’s qualified for this job.”
As Director Kraninger takes over, Rep. Maxine Waters, D-Calif, calls on her to, “put consumers first by rolling back the anti-consumer actions taken by her predecessor and allowing the Consumer Bureau to resume its work of protecting hardworking Americans from unfair, deceptive or abusive practices.”