BCFP Director Confirmation Expected

The Senate could vote on the nomination of Kathy Kraninger to lead the Bureau of Consumer Financial Protection (BCFP). Kraninger currently serves as an associate director at the Office of Management and Budget (OMB). President Donald Trump nominated her in June to lead the Bureau.

If confirmed, Kraninger would take the helm of the Bureau from Mick Mulvaney, who has served as acting director since last November.

CUNA wrote to Senate leadership Monday in advance of its expected vote.

During her nomination hearing before the Senate Banking Committee, Kraninger said that rule-makings by the Bureau should be tailored "to reduce the burden of compliance, particularly on consumers and smaller marketplace participants."
 
Kraninger outlined four priorities for the Bureau during the hearing saying that the Bureau should be fair and transparent, work closely with other financial regulators and states on supervision and enforcement, recognize the importance of protecting consumers’ personal data, and be accountable for its actions. Some committee members cited the need for a commission to oversee the Bureau rather than its current single-director structure, something CUNA and the state leagues have been pushing.

Along with advocating for a commission-led Bureau, CUNA and the state leagues have pressed the BCFP to use its statutory authority to exempt credit unions from certain rule-makings and instead focus on the bad actors in the marketplace.

The Senate Banking Committee approved Kraninger’s nomination in August with a 13-12 vote. CUNA wrote to the committee prior to the hearing.

Kraninger, an Ohio native like Richard Cordray who resigned as the BCFP’s first director to pursue what proved an unsuccessful bid for Ohio governor, has served at OMB, the U.S. Senate and the Department of Homeland Security.