The U.S. Senate confirmed Kathy Kraninger as the new director of the CFPB. Kraninger will replace Mick Mulvaney, the acting director, and she will serve a five-year term.
Kraninger has served as an associate director for general government at the Office of Management and Budget since March 2017. She has held prior jobs at the departments of Homeland Security and Transportation.
Kraninger was narrowly approved in a 50-49 vote along party lines, with Democrats opposing her nomination.
New York’s credit unions have not had interactions with Kraninger during her time with the OBM, but the New York Credit Union Association has followed her confirmation process closely and believes she will work to find an effective balance that protects consumers while looking for ways to bring meaningful regulatory relief to credit unions.
“On behalf of New York’s credit unions, I’d like to congratulate Director Kraninger on her new appointment,” said Association President/CEO William J. Mellin. “I look forward to continuing our work with the CFPB under her leadership. The Association will continue to advocate for fair and tailored regulations so that credit unions can appropriately carry out their mission and serve their members.”