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The Senate just completed a procedural vote that brings Kathy Kraninger one step closer to a five-year term leading the Consumer Financial Protection Bureau, the Wall Street watchdog created after the financial crisis./1
Kraninger has no background in consumer finance or banking. She’s widely expected to continue the deregulatory legacy of interim CFPB head Mick Mulvaney, who’s gutted a number of consumer protections since taking charge. bit.ly/2qo77GJ /2
In her current job at the Office of Management and Budget, Kraninger oversaw two federal agencies that implemented the administration’s policy of separating families at the border, raising questions about how much she contributed to that policy bit.ly/2I4cpwQ /3
Throughout her confirmation process, Kraninger has refused to give clear answers on her role in overseeing the family separation policy, despite repeated requests from Democrats on the Senate Banking Committee.
bit.ly/2LnTAX5 /4
bit.ly/2LnTAX5 /4
But as I wrote this summer, according to former federal employees familiar with OMB and White House meeting records, it is quite likely she played a significant role in implementing the family separations policy. bit.ly/2JyboOm /5
Remember that Mick Mulvaney, the current head of the CFPB, has also been Kraninger’s boss at OMB. Just a few examples of the things he’s done at the CFPB, as a sign of the direction that Kraninger will likely take the bureau for the next five years: /6
First: Mulvaney relaxed Obama-era regulations aimed at cracking down on predatory payday lenders. bit.ly/2Ri3ai2 /7
Then Mulvaney dismissed entire advisory boards filled with experts from all walks of the money world (public sector, private sector, professors, bankers) who’s goal was to give the CFPB nuanced advice on financial issues key to consumer well-being bit.ly/2HwnXsq /8
Mulvaney also stripped enforcement powers from the Office of Fair Lending and Equal Opportunity, the CFPB department responsible for protecting minority borrowers from discriminatory lending. bit.ly/2nxlhUy /9
