Let’s start with the name change… Apparently, the CFPB was actually supposed to be called the BCFP. At a recent speech at the ALTA Advocacy Conference in May, the acting director of the CFPB, Mick Mulvaney, informed the attendees that the name is not the Consumer Financial Protection Bureau but rather the Bureau for Consumer Financial Protection. Since that time, most memo’s coming out of the bureau have referenced the “new” name of BCFP.
Mulvaney also stated that the President needed to appoint a nominee to be the permanent director of the CFPB (BCFP) by June 22nd, which he did. Queue the nomination of Kathy Kraninger, the Office of Management and Budget official to head the Consumer Financial Protection Bureau. With very little experience in leadership, this will be a tough nomination to get confirmed. While Mulvaney's term was set to end on the 22nd, once the President officially nominated Kraninger, it was decided that Mulvaney will remain at the helm of the bureau until the Senate confirms the nomination.
On July 19th, Kraninger appeared before the Senate Committee on Banking, Housing and Urban Affairs for her nomination hearing and as expected, it was heated and controversial. Overall Kraninger kept her responses very vague when it came to how the bureau would regulate businesses under her leadership, which many democratic leaders found frustrating. While they were originally hoping to vote in early August, the vote was delayed as the Senate adjourns for an unexpected short recess on August 1st and will not be back in session until August 13th. No date has been scheduled yet for a new vote.
Want to stay up to date on more industry updates? Make sure to subscribe to our blog.
