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Kraninger Unqualified to Lead CFPB, Poses Threat to American Economy

Thursday, November 29, 2018
Yana Miles

WASHINGTON, D.C. – The U.S. Senate is expected to soon hold a floor vote to advance the nomination of Kathy Kraninger, a current Office of Management and Budget (OMB) Associate Director, to be the next Director of the Consumer Financial Protection Bureau (CFPB). OMB Director and payday lending ally Mick Mulvaney one year ago assumed the role of Acting Director of the CFPB where he launched a campaign of sabotage against the consumer bureau’s mission and work. President Trump nominated Kathy Kraninger this past July.

Center for Responsible Lending Senior Legislative Counsel Yana Miles released the following statement ahead of Kraninger’s confirmation vote:

With Kathy Kraninger at the helm of the CFPB, Mick Mulvaney is cementing his anti-consumer, pro-predatory lending legacy on the consumer bureau. Afterall, Kraninger said she could not identify a single action Mulvaney has taken with which she disagrees. She’s also admitted that she has no experience protecting Americans from payday lenders, abusive debt collectors, harmful student loan servicers, or other bad actors within the industry.

Her career of mismanagement in the federal government—which includes participating in President Trump’s family separation immigration policy and overseeing agencies that abandoned Puerto Rican evacuees after Hurricane Maria—shows what kind of irresponsible choice she is to lead the CFPB. Elevating her as the nation’s top watchdog on Wall Street is reckless and will only make our economy more vulnerable to a financial crisis like we faced 10 years ago.

Having someone so blatantly unqualified to head an important agency like CFPB is opposite of draining the swamp, something that President Trump promised to all Americans. Senators voting to confirm Kraninger are accepting the Administration’s disregard of consumers across the country, especially communities of color and poor families.

Additional Background

Prior to her role at OMB, Kraninger's experience in the federal government has been focused on security issues, having worked at the Department of Homeland Security and the U.S. Senate Appropriations Committee. Throughout her government career, Kraninger has had limited to no experience in protecting consumers from harmful financial practices. Congress created the CFPB in the wake of an unprecedented financial crisis that resulted from inadequate oversight of lending practices that caused foreclosures to ripple through our economy.

For more information, or to arrange an interview with a CRL spokesperson on this issue, please contact Ricardo Quinto at ricardo.quinto@responsiblelending.org.