Although Kathy Kraninger — President Donald Trump’s nominee to lead the Bureau of Consumer Financial Protection — faced tough questions during her hearing last week there were no obvious obstacles to the Senate “ultimately confirming her,” Allen Denson, a partner with Hudson Cook LLP, told Auto Finance News.
Predictably, Democrats levied the harshest criticisms during the July 19 hearing. Sen. Catherine Cortez Masto, (D-Nev.), said Kraninger’s lack of candor and experience with financial consumer protection made her question the nominee’s qualifications to lead the bureau. Kraninger’s time as associate director of the Office of Management and Budget, “may be the only thing for the Senators to go off of,” Denson said. Kraninger’s lack of financial experience made it difficult for her to articulate her stance on certain CFPB policies, he added.
During the hearing, Kraninger did indicate that she’d adhere to the Administrative Procedures Act when rulemaking, and that she supports the “stronger” military lending act rules that were enacted by the Department of Defense earlier this year. Additionally, when asked if Kraninger would reinstate the Office of Fair Lending under the stronger structures that former director Richard Cordray enforced, she responded, “I’ll look at it freshly.”
Republican Senators argue that Kraninger has the management expertise to lead — and since the Senate majority lies with Republicans they could push a confirmation through. However, it could be a “lengthy process,” Chris Willis, partner for Atlanta, Georgia-based Ballard Spahr’s litigation and consumer financial services groups, told AFN.
Senator Mike Crapo (R-Id.) stated that Kraninger’s vote out of committee would likely be scheduled for next week, but a vote in the Senate could still take a month.Like This Post