WASHINGTON–Following the news that President Donald Trump is expected to nominate Kathy Kraninger to head the Bureau of Consumer Financial Protection, CUNA emphasized that it remains focused on issues within the Bureau that lead to overregulation of credit unions.
“There are fundamental flaws with the Bureau’s structure and we will continue to implore Congress to address these flaws by installing a multi-member bipartisan commission inside the Bureau, as was proposed by Senator Elizabeth Warren (D-MA) and President Obama, and supported by (House Financial Services Committee) Chairman Jeb Hensarling (R-TX) prior to this Congress. So, we wait for the current Congress to address the Bureau’s fundamental flaws.”
Kraninger is associate director with the Office of Management and Budget, which is currently headed by Mick Mulvaney, who has been doing double-duty as acting director of the BCFP, as well. The president had until June 22 to nominate someone for the BCFP position before Mulvaney would have been required to leave. With a nomination in place, Mulvaney can now serve as long as the nomination remains before Congress. The nomination of Kraninger means J. Mark McWatters, who had been rumored to be among the potential candidates for the BCFP post, will remain as chairman of NCUA.
This Week In Washington
The House and Senate are in session this week, but much of Congress’ attention will be on immigration.
NAFCU said it will continue to focus on legislation to delay the NCUA's risk-based capital (RBC) rule and obtain guidance on website accessibility standards under the Americans with Disabilities Act (ADA) progress.
In hearings this week:
- Wednesday, the House Financial Services Subcommittee on Terrorism and Illicit Finance will discuss virtual currency
- Wednesday, a Senate Banking subcommittee will hold a hearing to discuss innovative techniques to combat money laundering and other forms of illicit finance
- Wednesday, the House Financial Services Committee will discuss the impact of lower taxes and reduced regulatory burdens on the economy
- Wednesday, the House Small Business Committee will hold a hearing on the impact of small businesses on their local communities
- Thursday, the House Financial Services Committee will hear from Securities and Exchange Commission Chairman Jay Clayton