CFPB Update

Kathy Kraninger Is The New Director Of The 1,500 Employee Agency

She was confirmed by a vote of 50-49 in the Senate and replaces the controversial Acting Director Mick Mulvaney. He was her boss at the Office of Management and Budget.

Who Is She?

Republicans say that she has been an outstanding government employee for over 20 years working in homeland security and budget issues. The Democrats say that she has no experience in finance, banking regulation, or consumer protection.

One controversial issue that Mick was pushing was renaming the Agency to the Bureau of Consumer Financial Protection. This became a big issue in splintered Washington. Kathy’s comment yesterday, “I am definitely going to be briefed on the name, and I can tell you that I care more about what the agency does than what it is called.”

California Real Estaters And Lenders Know What This Can Mean

Note; DRE to BRE to DRE in just a few short years. It took my office lots of staff time to make that change in all of our written materials. A reported internal analysis found that it would take about $300,000,000.00 to make just BCFP changes. Then, consider all the other regulators and the industry having to make changes.

So, now we watch what happens in this “They said and the others said” story.  From past problems, I do know that at the moment she has a five year appointment and can only be removed for cause by the President or until a lawsuit on this reg. is finished.

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