CHN: Senate Confirms New CFPB Director Opposed by Advocates
On Dec. 6, the Senate narrowly confirmed (50-49 along party lines, with one senator absent) Kathy Kraninger to a five-year term as the new director of the Consumer Financial Protection Bureau. Kraninger stated that she will continue the line of leadership Mick Mulvaney, who advocates contend during his time as Acting Director of the CFPB repeatedly put the desires of the financial industry above the needs of consumers. Mulvaney, although stepping down from this position, will continue in his role as director of the Office of Management and Budget for the Trump Administration. Kraninger is expected to work closely with Mulvaney and President Trump to ease federal regulation of the financial industry.
Congress created the CFPB in 2010 as an independent advocate and regulator to protect and benefit consumers. CHN joined Americans for Financial Reform (AFR) and others in opposing Kraninger’s nomination. According to AFR, the CFPB may in January propose changes that would gut payday lending protections.