WASHINGTON—The Senate Banking Committee is expected to vote on the nomination of Kathy Kraninger to lead the Bureau of Consumer Financial Protection on Aug. 23.
During her nomination hearing before the committee last month, Kraninger said that rulemakings by the Bureau should be tailored "to reduce the burden of compliance, particularly on consumers and smaller marketplace participants."
The committee is expected to clear her to serve in this capacity, which would move her nomination to the full Senate for a final vote.
Kraninger outlined four priorities for the Bureau during her nomination hearing, saying that the Bureau should be fair and transparent, work closely with other financial regulators and states on supervision and enforcement, recognize the importance of protecting consumers’ personal data, and be accountable for its actions. Some committee members also cited the need for a commission to oversee the bureau rather than its current single-director structure – a move long advocated for by NAFCU, the trade association said.
Along with advocating for a commission-led Bureau, NAFCU has repeatedly asked the Bureau to use its exemption authority under the Dodd-Frank Act to exempt credit unions from certain rulemakings and instead focus on the bad actors in the marketplace. Kraninger noted during the hearing that she does support the Bureau exercising its authority when bad actors are at work.
Kraninger currently serves as an associate director at the Office of Management and Budget (OMB); she was nominated in June to lead the Bureau by President Donald Trump. During her hearing, she faced many questions from Democratic members of the committee over her lack of financial experience as Republicans highlighted her management experience and many years of government service.
If confirmed to lead the Bureau, Kraninger would take over from Mick Mulvaney, who has served as acting director at the Bureau since November; he also serves as the director of the OMB.
During the Aug. 23 hearing, the committee will also take up the nomination of Michael Bright to lead the Government National Mortgage Association (Ginnie Mae).