Senate Committee Confirms Kraninger for CFPB Director

The Senate Banking Committee split along party lines to confirm President Trump’s nomination of Kathy Kraninger as the next Director of the Consumer Financial Protection Bureau (CFPB).

All 13 Republicans voted in support of Kraninger, who is Associate Director of the Office of Management and Budget (OMB), while all 12 Democrats voted against her. While the Committee Chairman, Idaho Republican Mike Crapo, praised Kraninger for “significant leadership experience at federal agencies and on Capitol Hill” and “her depth and diversity of public service experience,” Democrats, led by Massachusetts’ Elizabeth Warren, sought to disqualify her by linking her to the Administration’s controversial policies on illegal immigration.

 

If confirmed by the full Senate, Kraninger will succeed Richard Cordray, who resigned last November to seek election as Governor of Ohio. Mick Mulvaney, the OMB Director, has served as CFPB Acting Director since Cordray’s departure.

 

In testimony before the Senate Banking Committee, Kraninger expressed a commitment to a CFPB that is “fair and transparent, ensuring its actions empower consumers to make good choices and provide certainty for market participants,” and vowed to work with other federal regulators and state agencies on supervision and enforcement issues.

 

"NAMB looks forward to working with Director Kraninger and continuing to strengthen the relationship between the Bureau and NAMB," said John G. Stevens, NAMB President.

 

Kraninger’s nomination was backed by the Mortgage Bankers Association (MBA). In a letter to the Banking Committee, MBA Senior Vice President of Legislative and Political Affairs Bill Killmer stated that Kraninger was “well-qualified” and “will utilize her significant experience in government management to improve the Bureau's operations and oversight. We also are hopeful that she will leverage the information gathered from the Bureau's ongoing RFI process to protect consumers from unscrupulous practices while also ensuring that borrowers have access to safe, sustainable loan products.”

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