BCFP Nomination Moves Closer to Final Vote

The Senate voted 50-49 to end debate on the nomination of Kathy Kraninger to lead the Bureau of Consumer Financial Protection (BCFP) Thursday, setting up a final vote on the nomination in the coming days. Kraninger was nominated to replace Acting Director Mick Mulvaney. The Senate Banking Committee approved her nomination in August.

“We thank the Senate for moving closer to confirming a permanent director to lead the Bureau of Consumer Financial Protection, as financial institutions and credit unions deserve consistency at this important agency,” said CUNA President/CEO Jim Nussle.  

CUNA wrote to Senate leadership Monday in appreciation of its work to confirm a permanent director at the Bureau, and reiterate its belief that consumers would be best served with a multi-member bipartisan commission leading the Bureau.

Kraninger currently serves in the Office of Management and Budget and has previously worked in the U.S. Senate and the Department of Homeland Security. 

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.