Senate Confirms Kraninger as BCFP Director

The U.S. Senate today confirmed Kathy Kraninger as the Director of the Bureau of Consumer Financial Protection (BCFP) by a 50-49 party-line vote.

Kraninger was serving as an associate director in the Office of Management and Budget. Under the Dodd-Frank Act, she can serve as the BCFP director for a five-year term. The Dodd-Frank Act specifies that the BCFP’s director is only removable by the president “for cause,” although this provision has been subject to various court challenges.

Currently, the Bureau’s rulemaking priorities are the re-opening of the small-dollar rule, third-party debt collection, and the Home Mortgage Disclosure Act..

During her confirmation hearing, Ms. Kraninger outlined four priorities: (1) ensuring the BCFP is fair, transparent, and empowers consumers to make good choices while providing clear rules of the road; (2) working closely with other financial regulators and the states; (3) limiting the amount of data the BCFP collects and ensuring it is protected; and (4) holding the BCFP accountable for its actions and the expenditure of resources.

AFSA is looking forward to working with Kraninger to demonstrate the important role AFSA members play in the lives of American consumers. We will keep you updated on these discussions and other developments.