WASHINGTON –As expected, the Senate Banking Committee has voted in favor of advancing the nomination of Kathy Kraninger to become director of the Bureau of Consumer Financial Protection. Kraninger was approved by a narrow 13-12 vote. Her nomination now goes before the full Senate.
Kraninger is currently the associate director of the Office of Management and Budget, which is led by Mick Mulvaney, who is also acting director of the BCFP. No date has been set for a vote by the Senate on Kraninger’s nomination. Should she not be approved, President Trump would need to forward her name again or nominate someone else.
The credit union trade groups have both expressed support for Kraninger’s nomination.
“Over the years, we have had a good relationship with Bureau leadership, and we look forward to working with Ms. Kraninger should the full Senate confirm her as Bureau Director,” said NAFCU President and CEO Dan Berger in a statement following the vote.“We still believe the best path forward is to eventually establish a bipartisan commission at the Bureau to ensure its decision making is as fair and transparent as possible. Additionally, we will continue to advocate for a tailoring of regulation at the Bureau to reign in bad actors, while exempting credit unions from burdensome regulations.”
Added CUNA President Jim Nussle, "We appreciate the committee moving forward on the nomination of Ms. Kraninger, and we hope the Senate will act quickly to consider her nomination.Should Ms. Kraninger be confirmed, credit unions look forward to working with her as the new permanent BCFP Director on ways to achieve regulatory relief to allow credit unions to better serve their 110 million members.”