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Will Kraninger Succeed Mick Mulvaney as CFPB Chief?

Kathy KraningerThe Trump administration announced on Saturday that it intended to nominate Kathy Kraninger an associate director at the Office of Management and Budget to head the Bureau of Consumer Financial Protection.

She will succeed Acting Director Mick Mulvaney at the bureau. "The President intends to nominate Kathy Kraninger to be the next Director of the Bureau of Consumer Financial Protection," Lindsay Waters, the White House deputy press secretary said in a statement.

It is widely expected that Kraninger will face a tough confirmation vote in the Senate after Mulvaney introduced a slew of changes that have been opposed by consumer advocates and Democrats alike.

According to the statement, Kraninger will bring a "fresh perspective and much-needed management experience" to the Bureau, "which has been plagued by excessive spending, dysfunctional operations, and politicized agendas. As a staunch supporter of free enterprise, she will continue the reforms of the Bureau initiated by Acting Director Mick Mulvaney, and ensure that consumers and markets are not harmed by fraudulent actors."

The nomination comes at a time when Mulvaney's term as acting director is set to expire on June 22. Mulvaney, who works above Kraninger as Budget Chief at the OMB is likely to be the bureau's leader until she's confirmed according to the Wall Street Journal.

Mulvaney's entry into the Bureau in November 2017 was a controversial one and has been in the news in the recent month as much for the changes he's brought to the CFPB as the controversies around them. From requesting $0 for the Bureau's budget in Q2, and recommending four key changes to make the Bureau "more transparent and accountable," to the more recent change of name from the Consumer Financial Protection Bureau to the Bureau of Consumer Financial Protection, the Acting Director is expected to leave his mark before he hands over the reins to his successor.

About Author: Radhika Ojha

Radhika Ojha is an independent writer and copy-editor, and a reporter for DS News. She is a graduate of the University of Pune, India, where she received her B.A. in Commerce with a concentration in Accounting and Marketing and an M.A. in Mass Communication. Upon completion of her masters degree, Ojha worked at a national English daily publication in India (The Indian Express) where she was a staff writer in the cultural and arts features section. Ojha, also worked as Principal Correspondent at HT Media Ltd and at Honeywell as an executive in corporate communications. She and her husband currently reside in Houston, Texas.

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