OMB exec tapped as next consumer bureau director

June 17, 2018 -- Saturday evening, the White House announced that President Donald Trump plans to nominate Kathy Kraninger to head the Bureau of Consumer Financial Protection (BCFP). Currently, Kraninger is associate director of the Office of Management and Budget, which is headed by Mick Mulvaney, who has been serving as acting director of the BCFP, as well. With a nomination in place, Mulvaney can continue to serve while the nomination remains before Congress.

The White House on Monday formally announced the president's "intention to nominate" the OMB official.

With Kraninger’s nomination, NCUA chairman J. Mark McWatters, who had been a rumored candidate for the BCFP position, will remain in his current post.

Kraninger is expected to face a tough Senate confirmation battle. Under Mulvaney, the bureau has undergone major changes opposed by Democrats and consumer advocates.

White House deputy press secretary Lindsay Walters said in a statement that Kraninger "will bring a fresh perspective and much-needed management experience to the BCFP, 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 White House hopes that she will be promptly confirmed by the Senate."