Consumers Deserve Better: Nominee to Lead Consumer Financial Protection Bureau Should Protect Consumer Rights, Rather Than Continue Mick Mulvaney’s Legacy
Yesterday, President Trump announced the nomination of Kathy Kraninger, an associate director at the Office of Management and Budget (OMB), to lead the Consumer Financial Protection Bureau as its next permanent director. Coming within days of when Acting Director Mick Mulvaney would have had to legally step down from his temporary position, the move to nominate Kathy Kraninger to a full five-year term as the head of the Bureau now provides Acting Director Mick Mulvaney with an extension to remain in charge of the Bureau in both the near- and long-terms. In fact, according to some experts, this extension could allow Mick Mulvaney to remain the acting director of the agency through July 2020.
“It is alarming that the administration would nominate someone who brings zero relevant experience to an agency whose mission is to protect consumers from unfair, deceptive or abusive practices in the financial marketplace,” said David Newville, Director of Federal Policy at Prosperity Now. “Additionally, the nomination of Kathy Kraninger, who works under Mick Mulvaney at OMB, as well as its timing signals that the administration wants to provide Acting Director Mulvaney with as much time as possible to continue weakening the Bureau, while also ensuring that his successor keeps those changes in place over the long-term. Ultimately, consumers deserve better than a nomination designed to extend the leadership of Acting Director Mick Mulvaney and a nominee without the credentials necessary to strongly defend consumer rights. As this process moves forward, we look forward to engaging senators and community partners on the nomination of Kathy Kraninger.”
Since the Consumer Financial Protection Bureau was established in 2011, it has secured about $12 billion in relief for 29 million consumers (about one out of every eight adults in the country), has handled over a million complaints and has instituted several strong consumer protections to defend consumers against predatory practices and services.