Trump to Nominate OMB Official to Run BCFP


6/18/2018 8:00 AM

Kathy Kraninger is expected to “bring a fresh perspective and much-needed management experience to the BCFP.”

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Kathy Kraninger, an associate director with the Office of Management and Budget, has emerged as the top candidate to replace Mick Mulvaney as director of the Bureau of Consumer Financial Protection, according to various news reports published this weekend.

CNN reported that Kraninger will face a tough Senate battle in her journey to the leadership role as she is expected to follow Mulvaney’s lead in implementing common-sense reforms and programs that have been viewed unfavorably by consumer groups and others on Capitol Hill.

White House spokeswoman Lindsey Walters said Kraninger "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. As a staunch supporter of free enterprise, she will continue the reforms of the bureau initiated by Acting Director Mick Mulvaney, and ensure that consumers and markets are not harmed by fraudulent actors. The White House hopes that she will be promptly confirmed by the Senate," NPR reported.

ACA International looks forward to working with new leadership at the BCFP, CEO Mark Neeb said. “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.”

The New York Times reported Friday that Mulvaney, director of the OMB, recommended that President Trump nominate Kraninger. In her role at the OMB, Kraninger oversees the budget development and execution for several executive branch agencies including the Departments of Commerce, Justice, Homeland Security (DHS), Housing and Urban Development, Transportation (DOT), and Treasury. She joined the OMB in 2017 after working in the Senate, where she served as the clerk on the Senate Appropriations Subcommittee on Homeland Security, which provides DHS with its $40 billion discretionary budget.

President Trump is expected to nominate Kraninger by June 22, the final day Mulvaney can serve as acting director under the Federal Vacancies Act. However, the law allows Mulvaney to continue serving as acting director until the U.S. Senate confirms the nominee, ACA International previously reported.

ACA International will continue to report on the nomination as details are released.

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