Senate approves new CFPB director in Mulvaney’s mold

WANADA dealers are advised that the Consumer Financial Protection Bureau (CFPB), has a new executive director, Kathy Kraninger. She was approved for the position by the Senate last week, in the wake Mick Mulvaney stepping out of the lead position at CFPB. Previously, Kraninger had been with the U.S. Office of Management and Budget.

NADA supported the confirmation of Kraninger and wrote in a letter to U.S. senators stating the following: “We urge the Senate to confirm Ms. Kraninger, who we are confident will help bring greater accountability, transparency and appropriate safeguards” to the agency.

The American Bankers Association agreed. “We learned during her nomination hearing that Ms. Kraninger believes in promoting competition and appropriately tailoring regulations by taking into account both costs and benefits,” said American Bankers President Rob Nichols.

Mulvaney applauded Kraninger as his successor, though he said he had no say in nominating her. In his several months as acting director of the CFPB, Mulvaney attempted to roll back what he considered to be the extreme aspects of the agency’s regulatory agenda.