WASHINGTON – The U.S. Senate voted 50-49 to confirm Kathy Kraninger as the next head of the Bureau of Consumer Financial Protection.
Both credit union trade groups announced support for the move.
Kraninger previously served as associate director for general government programs at the Office of Management and Budget, overseeing a $250-billion budget across seven Cabinet departments, including the Department of Homeland Security and the Department of Justice.
She will take permanent charge over the BCFP and replace Mick Mulvaney, who became interim director of the Bureau after Richard Cordray, its first director, stepped down in November 2017. Mulvaney remains director of the Office of Management and Budget.
Trade Groups Respond
"NAFCU is consistently engaged with the Bureau on issues critical to the credit union industry and we look forward to working with Director Kraninger to ensure a healthy regulatory environment in which credit unions can grow, thrive and successfully serve their membership," said NAFCU President and CEO Dan Berger. “Additionally, we will continue to advocate for a tailoring of regulation at the Bureau to reign in unscrupulous behavior by Wall Street banks and bad marketplace actors while exempting credit unions from burdensome regulations that will simultaneously raise costs on their members.”
Added CUNA CEO Jim Nussle, “We’re pleased to have a new permanent director leading the BCFP, as credit unions and other parts of the financial services marketplace need stability at the bureau. We look forward to working with Ms. Kraninger and her staff on ways to help credit unions serve members better.”