MBA Urges Senate Committee to Approve Kraninger, Bright Nominations
The Senate Banking Committee this morning takes up the Trump Administration’s nominations of Kathleen Kraninger to head the Consumer Financial Protection Bureau/Bureau of Consumer Financial Protection and Michael Bright as President of Ginnie Mae. Ahead of the hearing, the Mortgage Bankers Association yesterday sent letters of support for both nominees.
The letters ask the Committee and the full Senate to confirm the Kraninger/Bright nominations “as quickly as possible.”
MBA Senior Vice President of Legislative and Political Affairs noted Kraninger’s “extensive background in government service” and her current oversight of a $250 billion portfolio at the Office of Management and Budget, which includes the Treasury Department and HUD. She has also held key positions with both the Senate Appropriations Committee and the Department of Homeland Security.
“The Bureau needs well-qualified leadership, and we are confident that should she be confirmed by the Senate,” Killmer said. “Ms. Kraninger 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.”
Killmer also noted Bright, currently Executive Vice President and COO of Ginnie Mae, has been “deeply immersed” in mortgage issues involving investors, lenders and consumers for the better part of the past decade.
“Mr. Bright would bring significant experience within the mortgage industry and on Capitol Hill to the role of Ginnie Mae President,” Killmer said. “He has demonstrated a commitment to bipartisan solutions regarding complex problems on issues ranging from housing finance reform to consumer protections for veterans.” He added “has had the pleasure of working closely with him in many different capacities, including an active period of service as an employee of an MBA member.”
The Banking Committee will meet in executive session this at 9:30 a.m. ET in Dirksen Senate Office Building room 538. Besides the Kraninger/Bright nominations, the Committee will also vote on Rae Oliver as HUD Inspector General; Kimberly Reed as President of the Export-Import Bank; Dino Falaschetti as Director of the Office of Financial Research in the Treasury Department; and Elad Roisman as a Member of the Securities and Exchange Commission.
The hearing can be accessed online at https://www.banking.senate.gov/hearings/08/15/2018/executive-session.
