Noting that she was doing so at the request of the new Biden administration, Consumer Financial Protection Bureau (CFPB) Director Kathleen (“Kathy”) Kraninger resigned Wednesday shortly after 12:45 p.m. ET.
She had served about 25 months of a five-year term that began in 2018. President Joseph Biden has nominated Rohit Chopra to be the next bureau director.
In her resignation letter addressed to Biden, Kraninger said she supports “the Constitutional prerogative of the President to appoint senior officials within the government who support the President’s policy priorities, which ensures our government is responsive to the will of the people.” She said she wished the best for new president and the nation going forward.
Her letter makes no comment about who will succeed her in the interim between her resignation and the confirmation of Chopra by the U.S. Senate (although Biden could name Chopra acting director until the Senate takes action). UPDATE: Later Thursday, Biden designated Dave Uejio, the chief strategy officer of CFPB since 2015, is now the bureau’s acting director.
However, Kraninger did say that her legacy will be the maturation of the bureau and its role within the financial services regulatory framework. “Building on a mission-driven culture, I sought to embed a commitment to continual improvement, diversity in all aspects and inclusion (workforce and stakeholder),” she wrote.
She also listed a number of highlights while she was director, including what she called “new ways of promoting regulatory clarity for all stakeholders and engaging to improve compliance – through advisory opinions, the petitions process, our first tech spring on adverse actions notices, and a symposia series on challenging issues.”
She specifically pointed to final regulations on the Fair Debt Collection Practices Act (FDCPA), the Home Mortgage Disclosure Act (HMDA), and qualified mortgages/ability to repay as accomplishments.