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Kathleen Kraninger
President Donald Trump nominated an Office of Management and Budget staffer to replace Mick Mulvaney as head of the Consumer Financial Protection Bureau on June 18. Kathy Kraninger, an associate director of the OMB under Mulvaney, received the presidential nod to permanently replace Mulvaney at the CFPB.
CFPB Seal
While Acting Director Mick Mulvaney has received heavy criticism for the changes he has made at the Consumer Financial Protection Bureau, at least one change was started under his predecessor – the agency’s new seal.
President Donald Trump signed the Economic Growth, Regulatory Relief, and Consumer Protection Act (S.2155), which eases some Dodd-Frank Act requirements, into law on May 24.
Wells Fargo was fined $500 million by the Office of the Comptroller of the Currency and $1 billion by the Consumer Financial Protection Bureau, the largest CFPB fine to date.
The bills recently considered by the Senate range from Sen. Mike Crapo’s (R-Idaho) already-passed and House-bound Economic Growth, Regulatory Relief, and Consumer Protection Act to Sen. Ted Cruz’ (R-Texas) Repeal CFPB Act, which does precisely what its label says.
A bipartisan group of two Republicans and two Democrats introduced a bill in the House that would address the contentious issue of leadership at the Consumer Financial Protection Bureau.
President Trump revealed his 2019 federal budget plan this week, which features “major savings and reform proposals” across many offices and agencies, including the Consumer Financial Protection Bureau.
The Consumer Financial Protection Bureau will continue its more low-key, hands-off approach to consumer protection and regulation, one which equally emphasizes the rights of the regulated.
In the latest change at the CPFB, acting director Mick Mulvaney requested $0 from Federal Reserve Chair Janet Yellen for the second quarter, instead proposing to pull from a back-up fund created by former director Richard Cordray.
Cordray named former chief of staff Leandra English as deputy director of the agency, to serve as the bureau’s acting director. Trump, however, appointed Office of Management and Budget Director Mick Mulvaney as the CFPB’s interim director.