A group of 21 trade associations from the mortgage and housing industries have sent a letter to the leadership in the Senate and the Senate Banking Committee urging the confirmation of Kathy Kraninger to be the next director of the Bureau of Consumer Financial Protection.
Kraninger has already been confirmed by the Senate Banking Committee, but she must be confirmed by the whole Senate before the session ends, or she will have to go through the nomination and confirmation process when the new session of Congress is gaveled to order in January.
“Our organizations believe Ms. Kraninger has the ability to lead and manage a large government agency, like the Bureau, which is tasked to ensure consumers’ financial interests are protected,” the groups wrote in their letter. “We believe she will also fulfill the equally important role of ensuring businesses have the necessary compliance support to further those interests.”
Until Kraninger is confirmed, Mick Mulvaney remains the acting director of the BCFP. Should Kraninger’s nomination not be confirmed before the Senate recesses, Mulvaney will be allowed to remain as acting director for up to 210 days before a new director is nominated, and would be allowed to remain as acting director until that nomination is confirmed or rejected by the Senate.
“Ms. Kraninger’s previous positions in government demonstrate her approach to managing an agency that has significant impact on the daily lives of Americans and the entire U.S. economy,” the groups write. “Her background in government service with the Office of Management and Budget, Department of Homeland Security, and the Senate Appropriations Committee, gives her a strong understanding of the role of government and the need for increased transparency at the Bureau.”
Among the groups that lobbied for Kraninger’s confirmation were the Mortgage Bankers Association, the National Association of Realtors, the Consumer Mortgage Coalition, and the Manufactured Housing Institute.
