Less than a week after her confirmation by the U.S. Senate, Kraninger will begin her five year term at the bureau.
12/11/2018 6:00
In a ceremony Monday evening, Kathy Kraninger was sworn in by Vice President Mike Pence to serve as director of the Bureau of Consumer Financial Protection.
ACA International looks forward to working with Kraninger as her five-year term succeeding Acting Director Mick Mulvaney officially begins.
Following the U.S. Senate’s 50-49 vote Dec. 6 confirming Kraninger, ACA International CEO Mark Neeb sent her a congratulatory letter stating:
“It is imperative that leadership at the bureau understands that consumers are best served by common-sense regulation and transparency, so that the accounts receivable management industry can operate effectively with clear rules. ACA looks forward to working with the new leadership to provide important information related to the impact of the bureau’s work on the accounts receivable management industry and in pursuit of our shared goal of improving consumer outcomes.”
Kraninger worked with Mulvaney at the Office and Management and Budget as a program associate director for general government since March 2017.
Mulvaney said last week that while he was not involved in Kraninger’s selection as the BCFP director nominee, “I could not have picked somebody better for this job. Kathy is going to be an absolute tremendous leader here. The bottom line I think is the transition will be seamless and I know she will very much value the input of these groups,” ACA International previously reported.
As Kraninger starts her term, discussion continues about the constitutionality of the bureau’s leadership structure—which has been the subject of several pieces of proposed legislation as well as legal cases such as PHH Corporation v. Consumer Financial Protection Bureau. Legislation on the subject includes proposals to establish a five-member commission to lead the bureau and move its funding to be a part of congressional appropriations.
Neeb’s letter to Kraninger, available on ACA International’s online BCFP Resource Center, outlines ACA’s plan for working with the bureau’s leadership along with priorities the association encourages the bureau to consider as it moves forward with rulemaking positioned to impact the accounts receivable management industry.
ACA International will continue to follow Kraninger’s term at the bureau and provide updates in ACA Daily.
Related Content from ACA International:
U.S. Senate Ends Debate; Moves Ahead to Final Vote for Kathy Kraninger to Serve as BCFP Director
BCFP Director Confirmation Hearing Sets the Stage for Continued Discussion of Reform at the Bureau
U.S. Senate to Consider Kathy Kraninger’s Nomination for BCFP Director
BCFP’s Tom Pahl Provides Candid Update on Debt Collection Rulemaking
Senate Banking Committee Approves Nomination of Kathy Kraninger to Head BCFP