Industry groups push Senate to confirm Trump's CFPB pick

by Ryan Smith13 Nov 2018

Nearly two dozen mortgage and housing industry groups have urged the Senate to confirm President Donald Trump’s nominee to lead the Consumer Financial Protection Bureau.

In a letter to Senate Majority Leader Mitch McConnell (R-Ky.) and Minority Leader Chuck Schumer (D-N.Y.), the organizations voiced their support for Kathleen Kraninger, who Trump nominated in June to fill the role left vacant by former CFPB Director Richard Cordray. The agency is currently headed up by Acting Director Mick Mulvaney.

Kraninger, an associate director for general government with the White House’s Office of Management and Budget, has faced stiff opposition from Senate Democrats, who have pointed out that she has no experience in consumer protection, financial regulation or the banking industry. Democrats have also blasted Kraninger for refusing to explain her role in developing the policies that led to immigrant children being separated from their families at the border and the government’s botched response to Hurricane Maria in Puerto Rico.

Despite heavy Democratic opposition, Kraninger was narrowly confirmed by the Senate Banking Committee in August. However, her nomination must still be concerned by the full Senate.

In the letter to McConnell and Schumer, the industry groups, which included the Mortgage Bankers Association and the National Association of Realtors, expressed confidence in Kraninger’s fitness for the job.

“Ms. Kraninger’s previous positions in government demonstrate her approach to managing an agency that has significant impact on the daily lives of Americans and the entire U.S. economy,” the letter stated. “Her background in government service with the Office of Management and Budget, Department of Homeland Security, and the Senate Appropriations Committee, gives her a strong understanding of the role of government and the need for increased transparency at the Bureau. Our members believe the Bureau must improve its examination, enforcement, rulemaking and guidance processes to assist with regulatory compliance and bring certainty in the marketplace.”

“NAR and this coalition of nearly two dozen other associations strongly urge the Senate to confirm Ms. Kraninger as (CFPB director), and we look forward to working alongside the bureau to achieve our shared goal of protecting American homebuyers and the nation’s real estate industry,” said Shannon McGahn, NAR senior vice president of government affairs.