White House to Nominate Kathy Kraninger to Head CFPB

Trump's rumored pick for CFPB chief is a Mick Mulvaney deputy with little financial policy expertise

Kathy Kraninger Nominated to Head Consumer Financial Protection Bureau

President Donald Trump plans to nominate Office of Management and Budget official Kathy Kraninger to head the Consumer Financial Protection Bureau, the White House announced Saturday.

Calling Kraninger a "staunch supporter of free enterprise", White House Deputy Press Secretary Lindsay Walters said in a statement that the White House hopes for a swift confirmation.

Allied Progress, a left-leaning consumer group, said Kraninger's nomination was an attempt by Mulvaney to keep a grip on the agency, adding that she had "no relevant experience".

The CFPB was formed in the wake of the US financial crisis of 2007-08, authorized by the Dodd-Frank Wall Street Reform and Consumer Protection Act.

Mulvaney has been praised by Republican lawmakers for reining in an agency they saw as unaccountable, while liberals, led by Warren, have accused him of dismantling the bureau and putting consumers at risk.

Kraninger, a graduate of Marquette University and Georgetown Law School, specialized in homeland security matters before joining Mulvaney's staff at the Office and Management and Budget in March 2017.

Cordray, appointed by President Barack Obama, was criticized by congressional Republicans as being overzealous but was lauded by consumer advocates for aggressively going after banks for wrongdoing. Under his leadership, the CFPB delayed a new payday lending regulation from going into effect and dropped an investigation into one payday lender that contributed to Mulvaney's campaign. It took CFPB staffers years to build the case. "The Consumer Financial Protection Bureau does not exist", Mulvaney told Congress in April, and now he's proven the point, at least when it comes to the sign in his lobby (h/t to Vox and thanks to Alan Zibel of Public Citizen for the photo, via Twitter). Mulvaney, who works above Kraninger as Budget Chief at the OMB is likely to be the bureau's leader until she's confirmed according to the Wall Street Journal.

Latest News