Mulvaney Thanked for BCFP Tenure, CUNA Renews Call for Commission

CUNA wrote to Bureau of Consumer Financial Protection (BCFP) Acting Director Mick Mulvaney Thursday to thank him for his service during the 13 months he served as acting director for the agency. Kathy Kraninger was confirmed by the Senate to become bureau director Thursday; Mulvaney will continue his duties as director of the Office of Management and Budget.

“Despite your dual role as the head of two important federal agencies, you managed to successfully split your time and introduce several measures that have positioned the Bureau to someday be a more efficient and effective regulatory agency,” CUNA President/CEO Jim Nussle wrote. “Under your stewardship, the reforms implemented have already gone a long way toward reconnecting the Bureau with its original mission: “[aiming] to make consumer financial markets work for consumers, responsible providers, and the economy as a whole.”

While Nussle also noted that CUNA looks forward to working with Kraninger, it still believes that the best path forward for the bureau is a bipartisan commission.

“Given the impact the bureau has on the daily lives of American consumers, a bipartisan commission is the most appropriate means to facilitate a balanced, transparent approach to consumer financial protection regulation,” Nussle wrote. “We hope that, as a prominent member of the administration, you will continue to be a vocal advocate for a commission at the head of the bureau.”

Shortly after Kraninger was confirmed, CUNA wrote to her outlining several important consumer protection issues for credit unions.