Senate Confirms New Consumer Financial Chief
Kathy Kraninger will replace Mick Mulvaney
In a 50-41 party-line vote on Thursday, the Senate confirmed Kathy Kraninger to be the new director of the Consumer Financial Protection Bureau. She will replace President Trump’s budget director Mick Mulvaney.
She will serve a five-year term. Her important post is responsible for overseeing mortgages, credit cards, payday loans, and other financial products.
Industry groups have praised her confirmation. The president and CEO of the Credit Union National Association said, “We’re pleased to have a new permanent director leading the CFP, as credit unions and other parts of the financial services marketplace needed stability at the bureau.”
- For Kathy Kraninger as she assumes her duties at the director of the Consumer Financial Protection Bureau.
That the Senate would be able to quickly confirm other presidential nominees that have been in the queue for some time.