Kathy Kraninger Confirmed as CFPB Director

The Senate by a vote of 50 to 49 today confirmed Kathy Kraninger to a five-year term as director of the Consumer Financial Protection Bureau. Kraninger is currently an associate director at the Office of Management and Budget.

ABA President and CEO Rob Nichols congratulated Kraninger. “We learned during her nomination hearing that she believes in promoting competition and appropriately tailoring regulations by taking into account both costs and benefits,” he added. “We share those views, and believe those principles will benefit consumers while allowing banks to better serve their customers and innovate.”

Nichols also thanked Acting Director Mick Mulvaney for his leadership at the bureau over the past year, particularly his efforts “to gather input from stakeholders across the spectrum to make sure that rules and regulations are protecting consumers and promoting choice in the financial marketplace.”