This story appeared in Bank Digest.
President Donald J. Trump intends to nominate Kathy Kraninger to serve as the next director of the Consumer Financial Protection Bureau for a term of five years. She would replace current CFPB Acting Director Mick Mulvaney, who also serves as Office of Management and Budget Director. Kraninger currently serves as the OMB's Associate Director for General Government.
President Trump also intends to nominate Rodney Hood to be a member of the National Credit Union Administration board for the remainder of a six-year term expiring Aug, 2, 2023. Hood currently serves as a corporate responsibility manager for JPMorgan Chase and Co.
Opposing Kraninger's nomination, Senate Banking Committee Ranking Member Sherrod Brown (D-Ohio) said, "For months I have called for a CFPB Director with a track record of holding Wall Street and payday lenders accountable. The White House should pick an experienced, serious, independent leader." Similarly, House Financial Services Committee Ranking Member Maxine Waters (D-Calif) said, "Given Ms. Kraninger's apparent lack of qualifications for this role, it appears that her nomination may be less about securing her confirmation as Director, and more about allowing Mick Mulvaney to continue to operate as Acting Director, which this nomination will potentially allow him to do through 2020 if she is not confirmed."
But House Financial Services Committee Chairman Jeb Hensarling (R-Texas) supported the nomination, saying he was "especially pleased that President Trump nominated an individual with management and budget experience--two qualities that are desperately needed at an agency which has been plagued with cost overruns and unnecessary spending and does not have a full-time and an independent Inspector General."