WASHINGTON–Both houses of Congress are back in session this week and the attention will primarily be on a series of funding bills.
For credit unions, the focus will be in the Senate, which will likely vote on the nomination of Kathy Kraninger to lead the Consumer Financial Protection Bureau (CFPB).
Prior to the Thanksgiving recess, Senate Majority Leader Mitch McConnell (R-KY) filed cloture on several nominations, Kraninger’s.
Kraninger was nominated in June by President Donald Trump to serve as the Bureau director, where she would replace Acting Director Mick Mulvaney. Mulvaney was appointed in November 2017 after the resignation of the previous director.
The Senate Banking Committee approved Kraninger’s nomination in August with a 13-12 vote.
Kraninger, an Ohio native, has served at OMB, the U.S. Senate and the Department of Homeland Security, but critics of her appointment have also argued her lack of experience in managing any organization makes her unqualified for the position.
Both trade groups have expressed support for Kraninger’s appointment, although both continue to call for a five-person commission or board to lead the agency.
Other Issues & Hearings
Beyond credit unions, Congress must address the expiration of funding for the National Flood Insurance Program (which expires Nov. 30), as well as overall funding for the federal government (current authorization expires Dec. 7).
Credit unions are also watching several congressional hearings this week, including:
- On Wednesday, the House Financial Services Committee will hold a hearing titled, “Oversight of the Federal Housing Administration”
- Also on Wednesday, the House Subcommittee on Monetary Policy and Trade will hold a hearing titled “Evaluating the Effectiveness of the International Financial Institutions”
- On Thursday, the Senate Banking Committee will hold a hearing titled “Combating Money Laundering and Other Forms of Illicit Finance: Regulator and Law Enforcement Perspectives on Reform”