CFPB Director Kraninger Named FFIEC Chair, McWatters Named Vice Chair

The Federal Financial Institutions Examination Council (FFIEC) announced Monday that Consumer Financial Protection Bureau (CFPB) Director Kathleen Kraninger will serve as FFIEC chair for a two-year term running through March 31, 2021. She succeeds FDIC Chair Jelena McWilliams. The FFIEC also named NCUA Board Chairman J. Mark McWatters as its new vice chair for the same two-year term.

“Under my leadership, I plan to focus on building a culture of compliance that prevents consumer harm in the first place,” she said. “This prevention of harm is one of my primary goals, and using all available tools will better protect consumers, taxpayers, and the financial system.”

The FFIEC is made up of six voting members representing the NCUA, CFPB, Federal Reserve, FDIC, Office of the Comptroller of the Currency (OCC) and the chairman of the State Liaison Committee (SLC).

The SLC includes representatives of state banking agencies, including the Conference of State Bank Supervisors, the American Council of State Savings Supervisors and the National Association of State Credit Union Supervisors, as well as the FFIEC.

Director Kraninger is the second confirmed director of the CFPB. She was confirmed in December for a five-year term. Prior to her confirmation, Kraninger served as the policy associate director at the Office of Management and Budget where she oversaw the budgets for executive branch agencies including the departments of Commerce, Justice, Homeland Security, Housing and Urban Development, Transportation, and Treasury, as well as 30 other government agencies.