Kathy Kraninger nominated to serve as CFPB director
President Donald Trump nominated White House budget official Kathy Kraninger to lead the Bureau of Consumer Financial Protection. CUNA President/CEO Jim Nussle said CUNA, leagues and credit unions look forward to working with the new director and will continue their push for regulatory relief.
“Credit unions have faced an unprecedented amount of regulatory burden over the last several years. We look forward to working with new leadership at the bureau, and urge the new director to protect consumers by addressing bad actors in the marketplace, without unnecessarily limiting the ability of credit unions to serve their members, "Nussle said. "We are hopeful that the new director will recognize the unique structure of credit unions and the enormous benefit that credit unions provide to American consumers in need of financial services."
CUNA recently created a comprehensive white paper and submitted it in response to bureau requests for information on how it performs its functions. The paper contains numerous specific ways the bureau can work to provide credit unions with regulatory relief.
The Dodd-Frank Act requires that a director must be confirmed by the Senate and will serve a five-year term.
Office of Management and Budget Mick Mulvaney is currently the agency’s interim director, having been named to the position by Trump in November, following the resignation of Richard Cordray.