In a letter sent Tuesday, the housing industry urged the Senate to confirm Kathleen Kraninger as director of the Consumer Financial Protection Bureau (CFPB). Kraninger, an Office of Management and Budget (OMB) official, was nominated for the post by President Trump this summer. In August, she was confirmed by the Senate Committee on Banking, Housing, and Urban Affairs; her confirmation has yet to be formally voted on by the Senate.
The Mortgage Bankers Association (MBA), the National Association of Home Builders (NAHB), the National Association of REALTORS® (NAR), The Realty Alliance and roughly 20 others endorsed the letter, which, in part, states:
“Our members believe the Bureau must improve its examination, enforcement, rulemaking and guidance processes to assist with regulatory compliance and bring certainty in the marketplace. As evidenced during the Senate Banking Committee confirmation hearing, Ms. Kraninger’s testimony conveyed a commitment to such actions along with a thoughtful review of the law for corresponding administrative actions.
In short, the undersigned groups know that Ms. Kraninger will not only be an asset to the Bureau, but also to Congress and the Administration to work together to strengthen our nation’s housing industry.”
In a separate statement, NAR’s senior vice president of Government Affairs, Shannon McGahn, highlighted Kraninger’s longtime service in Washington.
“In addition to her time leading the Office of Management and Budget, Kathy Kraninger has decades of experience on Capitol Hill and with previous presidential administrations,” said McGahn. “As director of the Bureau of Consumer Financial Protection, the National Association of REALTORS® is confident Ms. Kraninger will prioritize the protection of consumers’ financial interests while eyeing necessary and critical reforms of the Bureau’s examination, enforcement, and rulemaking processes.
“NAR and this coalition of nearly two dozen other associations strongly urge the Senate to confirm Ms. Kraninger as BCFP Director, and we look forward to working alongside the Bureau to achieve our shared goal of protecting American homebuyers and the nation’s real estate industry,” McGahn said.
At the OMB, Kraninger has been working alongside director Mick Mulvaney, who was appointed acting director of the CFPB by President Trump, and is currently operating in both roles.
At the CFPB, Mulvaney’s appointment ignited an internal power struggle, with departing director Richard Cordray naming Leandra English, the agency’s chief of staff, as his successor. Mulvaney, ultimately, won out, and in February, he began a dial-back of Dodd-Frank, announcing a new five-year plan and strategy. If confirmed, Kraninger is expected to forge ahead with a similar strategy.
Her confirmation is set to be voted on before the year’s out.
Stay tuned to RISMedia for more developments.
Suzanne De Vita is RISMedia’s online news editor. Email her your real estate news ideas at sdevita@rismedia.com. For the latest real estate news and trends, bookmark RISMedia.com.
