Kraninger Confirmed as CFPB Head

On December 6, 2018, the US Senate confirmed Kathy Kraninger’s nomination to head the Consumer Financial Protection Bureau for the next five years. The vote was 50-49.

Kraninger has no background, no experience, no qualifications, and no apparent interest in consumer protection issues or financial services oversight. As The National Review put it back in July, "Law students currently doing summer clerkships at the CFPB will have more experience with consumer-credit regulation than the nominee to lead the bureau."

Most recently, Kraninger has been the associate director of general government at the Office of Management and Budget (OMB) overseeing the budgets of  seven Cabinet departments, including the Department of Homeland Security and the Department of Justice.  (She was involved in the “family separation” policies, and was one of the lead planners of the painfully slow and incomplete response to Hurricane Maria that left Puerto Rico suffering.)

However, she is loyal to her boss at the OMB, Mick Mulvaney, who has also been the acting had of the CFPB since former director Richard Cordray resigned in November 2017.  She has stated that she will contine Mulvaney’s destructive policies of cutting back on enforcement of consumer protection rules (down 75% from previous years), backing off on regulations for payday lenders, replacing financial and enforcement experts with political appointees, refusing to properly investigate the 2017 Equifax data breach that affected almost half of all Americans, cutting financial protections for military members and veterans, and other actions designed to undercut the Bureau’s effectiveness.

Mulvaney and Kraninger are far more interested in making things easy for financial institutions, student loan processors, and payday lenders than they are with the wronged consumers they’re supposed to be helping. 

For more information:

Senate Confirms Kathy Kraninger As CFPB Director (NPR, 6 Dec 2018)

This watchdog agency has gotten smaller, quieter and less active under Trump (The Washington Post, 4 Dec 2018)

The Trump administration is dismantling financial protections for the military (Vox, 14 Aug 2018)

Kathy Kraninger Is the Wrong Choice to Lead the CFPB (National Review, 2 July 2018)

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