WASHINGTON—CUNA has written to the Bureau of Consumer Financial Protection’s former acting director, Mick Mulvaney, to thank him for his service during the 13 months he served as acting director for the agency.
As CUToday.info reported, Kathy Kraninger was confirmed last week by the Senate to become Bureau director, 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.”
Looking Forward to New Director
While Nussle also noted that CUNA looks forward to working with Kraninger, he said CUNA 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.”
As CUToday.info reported, shortly after Kraninger was confirmed, CUNA wrote to her outlining several important consumer protection issues for credit unions.