Trump taps Kathy Kraninger to head Consumer Financial Protection Bureau

Trump's rumored pick for CFPB chief is a Mick Mulvaney deputy with little financial policy expertise

Mick Mulvaney, the White House budget director and acting head of the Consumer Financial Protection Bureau, has picked a deputy at the budget office, Kathy Kraninger, to succeed him at the consumer watchdog agency, according to two people familiar with the situation.

The White House confirmed the news in a statement Saturday, suggesting she would replace White House Budget Director Mick Mulvaney.

Since then, Mulvaney has steered the bureau in a more industry-friendly direction. The agency has been the focus of partisan fights since it was created by the Dodd-Frank Act after the 2008 financial crisis.

The post is now held by interim director Mick Mulvaney, who also leads the Office of Management and Budget, where Kraninger is an associate director.

Kraninger would inherit an agency that's been roiled by a shift to Republican leadership under Mulvaney from its roots as a scourge of financial firms under Obama administration appointee Richard Cordray, a Democrat now running for governor of Ohio. Cordray was praised by consumer advocates for going after banks for wrongdoing. While in Congress, Mulvaney sponsored legislation to dismantle the CFPB.

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

Her nomination faces Senate approval. "But the big test will be how she performs in her Senate confirmation hearing".

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.

She previously worked for the Department of Homeland Security and in various roles on Capital Hill including on the staff of Republican Senator Susan Collins of ME and the Senate Appropriations Committee, which is chaired by Republican Richard Shelby of Alabama.

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