Senate Banking Committee Confirms Kraninger for CFPB Director

August 23, 2018

The Senate Banking Committee on Aug. 23 voted along party lines to confirm Kathy Kraninger’s nomination to serve as the next director of the Consumer Financial Protection Bureau (CFPB).

All 13 Republicans voted in support of Kraninger, who is Associate Director of the Office of Management and Budget (OMB). The 12 Democrats voted against her.

If confirmed by the full Senate, Kraninger will succeed Richard Cordray, who resigned last November to seek election as governor of Ohio. Mick Mulvaney, the OMB Director, has served as the CFPB’s acting director since.

On July 19, the Senate Banking Committee held a nomination hearing for Kraninger. In her written statement, she outlined four priorities. First, the bureau should be fair, transparent, and provide clear rules of the road. Second, the agency needs to work with other financial regulators and the states on supervision and enforcement. Third, the bureau must protect all the sensitive information in its possession. Fourth, the bureau must be accountable to the American people.

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