Trump Nominates Kathleen Kraninger to Run CFPB

President Trump yesterday nominated Kathy Kraninger as director of the Consumer Financial Protection Bureau.

Kraninger, who currently works as associate director of the federal Office of Management and Budget, would replace Mick Mulvaney, who has served as acting director since November.

The Trump Administration has not hidden its disdain of the functions of the CFPB or of its previous director, Richard Cordray, who was appointed during the Obama Administration. In a statement, White House deputy press secretary Lindsay Walters said Kraninger “will bring a fresh perspective and much-needed management experience to the [bureau], which has been plagued by excessive spending, dysfunctional operations and politicized agendas.”

In a statement, Mortgage Bankers Association Chairman David Motley, CMB, said MBA is “eager for a fair and thorough confirmation process to begin as quickly as possible.”

“Based on [Kraninger’s] background and experience, we look forward to hearing her views about how to improve the Bureau’s oversight and operations, and how she will leverage the information gathered from the ongoing RFI process to protect consumers from unscrupulous practices while also ensuring they enjoy access to safe, sustainable loan products,” Motley said.

At OMB, Kraninger oversees $250 billion in budgetary resources for seven cabinet departments and 30 other federal agencies, including the Department of the Treasury, HUD and the CFPB.

Kraninger joined the newly created Department of Homeland Security following the September 11, 2001 terrorist attacks and was promoted to Deputy Assistant Secretary for Policy. She also served from 2011-2013 on staff of the House Appropriations Committee and from 2013-2017 on the Senate Appropriations Committee.

Kraninger’s nomination will require Senate approval and must go through the Senate Banking Committee. Approval or disapproval by the Committee is not binding for a Senate vote.