WASHINGTON–The agenda for credit unions in Washington is light this week, given the Thanksgiving holiday.
Both the House and Senate are in recess. When Congress reconvenes next week, most of the focus in the House will be on who Democrats elect as speaker, as challenges to Nancy Pelosi (D-CA) have muddied the picture.
In the Senate, credit unions’ attention will be given to the nomination of Kathleen Kraninger to lead the Bureau of Consumer Financial Protection.
“As we said, stability of leadership and clarity of mission are critical features and we welcome the nomination of a permanent director of the Bureau and urge the Senate to take quick action,” said Ryan Donovan, CUNA’s chief advocacy officer. “We are looking forward to working with her and hope she will recognize the unique structure of credit unions.”
Donovan repeated CUNA’s call for Congress to move to a multi-person commission rather than a single director to lead the BCFP.
Senate Majority Leader Mitch McConnell (R-KY) filed cloture last week on several nominations, including Kathy Kraninger to lead the Bureau of Consumer Financial Protection, setting up a Senate vote on confirmation for the week after Thanksgiving.
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.