Trump to announce nominee to lead CFPB

Trump to announce nominee to lead CFPB

President Donald Trump has chosen Kathy Kraninger, a little-known White House budget aide, as director of the Consumer Financial Protection Bureau, an administration official said.

While the White House refused to confirm her likely nomination, it has stressed that the administration was seeking somebody with prior government management experience, including on budget issues.

Mulvaney has steered the bureau in a more industry-friendly direction since he took over.

The CFPB was formed in the wake of the USA financial crisis of 2007-08, authorized by the Dodd-Frank Wall Street Reform and Consumer Protection Act. He's even begun referring to the agency by its formal name, the Bureau of Consumer Financial Protection.

Kraninger is now associate director for general government programs with the Office of Management and Budget, which oversees government spending. Mulvaney has been working as acting director of CFPB after Richard Cordray, an appointee of President Obama, stepped down to run for OH governor. Cordray was praised by consumer advocates for going after banks for wrongdoing. Under his leadership, the CFPB delayed a new payday lending regulation from going into effect and dropped an investigation into one payday lender that contributed to Mulvaney's campaign.

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Earlier this month, Mulvaney fired the bureau's consumer advisory council, which also drew criticism.

The White House says Kraninger would plan to continue reforms enacted by Mulvaney at CFPB.

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.

Kraninger is an associate from the Office of Management and Budget and has held staff positions with both the House and Senate appropriations committees.

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