Senate Approves Kraninger as CFPB Director

The Senate on Thursday confirmed Kathy Kraninger as Director of the Consumer Financial Protection Bureau (Bureau of Consumer Financial Protection) to replace Acting Director Mick Mulvaney.

Kraninger was approved by a 50-49 vote along strict party lines. Sen. Thom Tillis, R-N.C., did not vote.

Kraninger, 43, has worked at the Office of Management & Budget since March 2017. She will succeed Mulvaney, her boss at OMB, who had served as Acting Director since the departure a year ago of Richard Cordray.

Despite strong opposition from Democrats, who were critical of Kraninger’s sparse experience in consumer protection, she enjoyed strong support from Republicans and from the real estate finance industry, including the Mortgage Bankers Association.

In a statement, MBA President and CEO Robert Broeksmit, CMB, called Kraninger “an intelligent, experienced administrator who has worked on a broad range of complex, high-profile issues over the course of her career. We look forward to working with her and anticipate she will continue the Bureau’s efforts to protect consumers by providing financial institutions clear and understandable regulations accompanied by appropriate compliance and implementation requirements.”

President Trump nominated Kraninger earlier this year. Her nomination was approved by the Senate Banking Committee in August.

Kraninger previously held positions with the Department of Homeland Security and the Department of Transportation.