Current consumer bureau leader extols experience of nominee to take his place

Stating that he knows his “efforts to rein in the bureaucracy” at the federal consumer financial protection agency would be continued by the person nominated to take his place at the helm of the agency, the current acting head of the agency threw his support to her in a statement Tuesday.

Kathy Kraninger (2008 photo)

Mick Mulvaney, acting director of the Bureau of Consumer Financial Protection (BCFP, formerly known as the CFPB), in a statement said he has never worked with a more qualified individual than Kathy Kraninger, who the White House formally announced the president’s “intention to nominate” on Monday.

“Her commitment to the law, to protecting consumers and to defending what works in our vibrant financial services sector, all while respecting hard-working taxpayers who pay their bills and play by the rules ensures that the Bureau will be in good hands throughout her term,” Mulvaney said in the statement.

He said that her experience in Washington in “navigating and interpreting how the federal government supports and regulates financial services for key stakeholders” to helping stand up the new Department of Homeland Security when it was created following the Sept. 11, 2001, attacks, is the kind of background “Washington so desperately needs.”

“I know that my efforts to rein in the bureaucracy at the Bureau of Consumer Financial Protection to make it more accountable, effective, and efficient will be continued under her able stewardship,” Mulvaney stated.

However, Kraninger’s publicly available 20-year work history in Washington shows she has mostly worked as a congressional staffer and in federal agencies, primarily on budget and appropriations issues.

Her history shows no executive experience in either running a federal agency or in administering a federal financial institution regulatory agency. Nor does she exhibit apparent work history in developing, administering or enforcing federal (or state) financial institution regulation. None of the government experience listed in her bio relates, directly, to financial institution supervision.

She did earn a law degree from the Georgetown University Law Center in 2007.

Bureau Acting Director Mulvaney Statement on Nomination of Kathy Kraninger

Kathleen “Kathy” Kraninger bio