Published: Tue, June 19, 2018
Business | By Tara Barton

Kathy Kraninger Nominated to Head Consumer Financial Protection Bureau

Kathy Kraninger Nominated to Head Consumer Financial Protection Bureau

A little-known Office of Management and Budget official is President Donald Trump's leading candidate to become permanent director of the Consumer Financial Protection Bureau, according to four people with knowledge of the matter.

In a statement Saturday, the White House said Kraninger would continue the efforts of the current CFPB chief, Mick Mulvaney, to scale back the agency's regulatory ambitions while continuing efforts to keep financial fraud in check.

"I think it's a wonderful story but I'm not now having discussions with the White House on it", Issa said, adding that he has not been "contacted as now in line for it". Obama appointed Richard Cordray to lead the organization; he resigned this past November to run for governor of Ohio.

Kraninger's nomination has already gained the support of financial services lobbyists, as well as the Consumer Bankers of America.

Mick Mulvaney has been running the Consumer Financial Protection Bureau since last November, and by all accounts the SC conservative is none too happy with the agency charged with protecting citizens from fraud in the financial industry.

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He added that China was unlikely to respond to an announcement of tariffs with changes in industrial policies. The Trump administration said Friday that it will impose a 25% tariff on $50 billion of Chinese exports.

Since then, Mulvaney has steered the bureau in a more industry-friendly direction.

The White House, CFPB and OMB did not immediately respond to requests for comment on Friday evening.

Homeland Security Director Michael Chertoff during a news conference at Washington's Ronald Reagan National Airport, Oct. 22, 2008, with Deputy Assistant Secretary for Policy Kathy Kraninger, left. Elizabeth Warren, D-Mass., have accused him of dismantling the bureau and putting consumers at risk. He's frozen data collection in the name of security, dropped enforcement cases, and directed staff to slash next year's budget.

The White House has been working for months to determine who should be named director, a job that will require navigating one of the most politically divisive agencies in Washington. The agency has been the focus partisan fights since it was created by the Dodd-Frank Act. Cordray won the Democratic primary last month.

But consumer groups and conservatives alike were quick to criticize the announcement, with both sides questioning whether she was qualified and saying she may struggle to gain Senate approval as a result.

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