OMB's Kraninger picked to head U.S. CFPB -White House

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

Kathy Kraninger, an official from the White House Office of Management and Budget, is President Donald Trump's leading candidate for permanent director of the Consumer Financial Protection Bureau (CFPB), Bloomberg reported on Friday, citing sources.

Calling Kraninger a "staunch supporter of free enterprise", White House Deputy Press Secretary Lindsay Walters said in a statement that the White House hopes for a swift confirmation. The agency has been the focus of partisan fights since it was created by the Dodd-Frank Act after the 2008 financial crisis.

Mulvaney has been filling in as the bureau's acting director along with running the OMB since late November when his predecessor, Richard Cordray, resigned.

Kraninger joined the Office of Management and Budget as an associate director in 2017, and has overseen the budget for financial regulators - experience that the White House believes will be beneficial in her new role.

"Whether you agree with Mulvaney politically, there is no doubt he has been a highly effective manager in government and since he's worked closely with her he must know she is qualified", said Dina Ellis Rochkind, a lawyer at Paul Hastings and former Congressional staffer who worked for Republican lawmakers.

More news: Greek lawmakers reject no-confidence vote

"Within weeks of coming on board, Mulvaney has worked to make the watchdog agency less aggressive". In another move that particularly upset some staffers, the new boss also dropped a lawsuit against an alleged online loan shark called Golden Valley Lending. It took CFPB staffers years to build the case. Under Mulvaney, the bureau has undergone major changes opposed by Democrats and consumer advocates.

Her nomination faces Senate approval.

Kraninger's qualifications for the post have been challenged because she lacks experience in financial services and consumer issues.

Kraninger, 43, has spent much of her career on Capitol Hill, including serving as the clerk for the Senate Appropriations subcommittee on homeland security and working with the House Appropriations subcommittee on homeland security and the Senate Homeland Security and Governmental Affairs Committee.

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.

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