The Senate voted today to confirm Kathy Kraninger as the next director of the Bureau of Consumer Financial Protection. Kraninger replaces Acting Director Mick Mulvaney, and will serve a five-year term as director.
“We’re pleased to have a new permanent director leading the BCFP, as credit unions and other parts of the financial services marketplace need stability at the bureau,” said CUNA President/CEO Jim Nussle. “We look forward to working with Ms. Kraninger and her staff on ways to help credit unions serve members better.”
CUNA wrote a letter to Kraninger shortly after she was officially confirmed, highlighting key consumer protection priorities for credit unions, and offering Kraninger any necessary feedback, data and expertise that might assist her in her duties leading the bureau.
President Donald Trump nominated Kraninger, who works at the Office of Management and Budget and has served at the Department of Homeland Security, in June to replace Mulvaney as acting director.
CUNA created a comprehensive white paper with numerous specific ways the bureau can provide credit unions with regulatory relief, and submitted it in response to a series of bureau requests for information on how it performs its functions.