ACA International sent a letter yesterday to Senate leaders, urging them to move forward and confirm Kathy Kraninger to be the next director of the Bureau of Consumer Financial Protection.
The letter from Mark Neeb, ACA International’s Chief Executive Officer, mentioned the benefits of having a full-time, permanent director atop the BCFP, and how members of the association can better plan for the future to meet the agency’s compliance expectations.
“Accordingly, ACA members benefit from certainty about the Bureau’s leadership,” Neeb wrote in his letter, which was sent to the Sen. Mitch McConnell [R-Ky.], the Senate Majority Leader, Sen. Chuck Schumer [D-N.Y.], the Senate Minority Leader, Sen. Mike Crapo [R-Id.], Chairman of the Senate Banking Committee, and Sen. Sherrod Brown [D-Ohio], the banking committee’s Ranking Member. “When a permanent director is in place there is more clarity about what the BCFP’s priorities are, more precise timelines for rulemaking efforts, and a better understanding of compliance expectations. Consumers and those participating in the financial services marketplace benefit from this level of confidence, and small as well as larger businesses including ACA members can plan accordingly for potential rule changes and other new compliance expectations. To that end, we urge the Senate to vote to confirm the nominee Ms. Kathy Kraninger for the direction position.”
Sen. McConnell filed a cloture motion earlier this month, a procedural step in having the full chamber vote on Kraninger’s nomination, which is expected in the near future.
Kraninger was confirmed — narrowly — by the Senate Banking Committee back in August. Voting along party lines, Kraninger, who is currently an associate director at the White House Office of Management & Budget, was confirmed 13-12. There are currently 51 Republicans in the Senate, which means all of them would need to vote to confirm Kraninger, or Republicans would need help from the 47 Democrats or two Independents to approve her nomination.
If the Senate does not vote on Kraninger’s nomination, she will have to be re-nominated by President Trump and then go through the confirmation process again. While that happens, Mick Mulvaney, the BCFP’s acting director, will be allowed to remain in place.
