Tuesday, 11 December, 2018

Trump to announce nominee to lead CFPB

Trump picks a nominee for CFPB chief — which really lets Mick Mulvaney stay in charge longer Trump to announce nominee to lead CFPB
Jean Garcia | 19 June, 2018, 03:04

President Donald Trump plans to nominate Kathy Kraninger to lead the Consumer Financial Protection Bureau, the White House announced Saturday.

Walters added that Kraninger, an associate director at OMB, "will bring a fresh perspective and much-needed management experience to the BCFP, which has been plagued by excessive spending, dysfunctional operations, and politicized agendas".

President Donald Trump tapped Mulvaney to oversee the consumer bureau late a year ago, giving the brash former SC lawmaker a mandate to dismantle the agency, which was created in the wake of the financial crisis to help protect consumers against financial company abuse.

Since then, Mulvaney has steered the bureau in a more industry-friendly direction.

Mulvaney has been leading two agencies - that bureau and the Office of Management and Budget.

President Trump announces formation of Space Force
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The CFPB was established by President Obama following the 2008 financial crisis to assure that banks comply with consumer protection laws.

Mulvaney has defended his leadership at the CFPB - an agency he once referred to as a "joke" while serving as a Republican lawmaker - in the face of Democratic criticism. Mulvaney earlier this month dissolved a group of outside experts that acts as a sounding board for the federal watchdog agency on important economic and financial issues as well as policy. He's frozen data collection in the name of security, dropped enforcement cases, and directed staff to slash next year's budget. She grew up in Pittsburgh and Cleveland.

The White House has been working for months to determine who should be named director, a job that will require navigating one of the most politically divisive agencies in Washington. Steps being considered include relocating staff to places like Dallas, reorganizing workers, and eliminating some departments.

"We have no personnel announcements at this time", Raj Shah, a White House spokesman, said Friday. Todd Zywicki, a George Mason University law professor who's testified regularly on Capitol Hill where he criticized the CFPB, was also considered, people familiar with the matter have said.

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