President Trump will nominate Kathy Kraninger, a top aide at the Office of Management and Budget, as director of the CFPB, the White House confirmed today. Kraninger is an associate director at OMB responsible for financial regulatory agency budgets, and previously served as Senate staff on Capitol Hill and at the Department of Homeland Security.
Upon confirmation, Kraninger would replace CFPB Acting Director Mick Mulvaney, who is also the confirmed director of OMB. Kraninger’s nomination comes at a key moment for the CFPB; under the Federal Vacancies Reform Act, Mulvaney’s stint as acting director would have expired this month, but when a permanent replacement is nominated, the clock resets, allowing Mulvaney to remain as acting director until Kraninger is confirmed.
American Bankers Association President and CEO Rob Nichols congratulated Kraninger on her nomination. “Her experience at OMB alongside Acting CFPB Director Mick Mulvaney, along with her years of work on Capitol Hill and in the executive branch, would serve her well in this important position,” he said. “We trust she shares our interest in ensuring consumers have access to the financial products they want and need, while maintaining the protections they deserve.”