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Senate confirms Kraninger as bureau director
The Senate yesterday voted to confirm Kathy Kraninger to lead the Bureau of Consumer Financial Protection. She will take over for Mick Mulvaney, who has served as acting director since November 2017. NAFCU President and CEO Dan Berger reached out to Kraninger following the vote to congratulate her on the confirmation.
The Senate voted 50-49 to confirm Kraninger; she will serve as director for five years.
"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 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."
NAFCU was the only financial services trade association to oppose subjecting credit unions to the bureau's authority under the Dodd-Frank Act, and continues to push for the bureau to exempt credit unions from its rulemakings. The association is supportive of the bureau's efforts to target bad actors and protect consumers from predatory lenders.
The association is supportive of various reforms to the bureau, including establishing a bipartisan commission at the bureau in order to provide long term continuity and stability.
During her nomination hearing before the Senate Banking Committee in July, Kraninger said that rulemakings by the bureau should be tailored "to reduce the burden of compliance, particularly on consumers and smaller marketplace participants." She also outlined four priorities for the bureau during the nomination hearing.
Kraninger previously served 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.