In a narrow 50-49 Senate vote, Kathy Kraninger was confirmed as director of the Consumer Financial Protection Bureau for a five-year term on Thursday.
Kraninger, an Office of Management and Budget official, is succeeding Mick Mulvaney, who has been acting director of the organization for the past year. She was nominated by President Trump.
In the housing industry, her confirmation was met with support.
“Kathy Kraninger is an intelligent, experienced administrator who has worked on a broad range of complex, high-profile issues over the course of her career,” said Robert D. Broeksmit, CEO and president of the Mortgage Bankers Association (MBA), in a statement. “We look forward to working with her and anticipate she will continue the Bureau’s efforts to protect consumers by providing financial institutions clear and understandable regulations accompanied by appropriate compliance and implementation requirements.”
“The National Association of REALTORS® applauds the Senate’s confirmation of Kathleen Kraninger to lead the Bureau of Consumer Financial Protection, the agency tasked to ensure consumers’ financial interests are protected,” said Shannon McGahn, senior vice president of Government Affairs at NAR, in a statement. “America’s 1.3 million REALTORS® recognize the critical role the Bureau plays in maintaining the integrity of significant financial transactions like home purchases. Under Ms. Kraninger’s leadership, we believe the Bureau will properly protect consumers and support businesses that help more individuals achieve the American Dream of homeownership.”
In a letter in November, the MBA, NAR and more than 20 other groups urged the Senate to confirm Kraninger, stating she 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.”
Kraninger was criticized for her inexperience in the months prior to the vote. Many anticipate that, as director, she will operate in the vein of Mulvaney, who has broadly made over the organization, including a bid to change its name. Mulvaney, who acts, also, as head of the OMB, was nominated by President Trump.