WASHINGTON • The Senate on Thursday confirmed President Donald Trump’s nominee to lead the Consumer Financial Protection Bureau, ushering in business-friendly leadership for a polarizing watchdog agency long detested by Republicans and the banking industry.
The chamber voted 50-49, along party lines, for Kathy Kraninger’s nomination.
Kraninger will replace the bureau’s acting director, Mick Mulvaney, who is also the White House budget chief and Kraninger’s current boss. Her nomination took much of Washington by surprise. Kraninger, the associate director of general government at the Office of Management Budget, has no experience in consumer finance but now will become one of the country’s most powerful banking regulators.
The CFPB was born in response to the global financial crisis to police the way banks manage mortgages, credit cards, payday loans and other financial products. Republicans, many of whom opposed the creation of agency, have complained for years that during the Obama administration the bureau was too aggressive, taking extreme steps to go after companies and demanding exorbitant financial penalties.
Mulvaney has overseen a stark retrenchment of the agency.