Kraninger Gives Little Insight Into How She Would Run CFPB

CFPB Director nominee Kathy Kraninger sparred with Senate Democrats over several issues during her confirmation hearing Thursday but provided little insight into how she would run the agency.

Pressed by Senate Banking Committee Democrats about CFPB policies, Kraninger said that issues such a payday lending are still being examined by the agency and that she was not in a position to give her views now.

In her opening statement, Kraninger said that as director, she would ensure that cost-benefit analysis was used more extensively by the agency. She said that too often, the CFPB has, in the past, regulated issues through enforcement,

She also said that the agency will limit its data collection to those issues it is required to collect by federal law.

The real fireworks during the hearing came when the Democrats probed Kraninger, an OMB associate director, over any involvement in the development of the Trump Administration’s immigration policy that resulted in children being separated from their immigrant parents.

Kraninger said she had no role in developing the policy as one of the OMB officials who oversees the Department of Homeland Security. However, she declined to answer questions about whether she participated in discussions about the policy.

Sen. Elizabeth Warren (D-Mass.) said it was clear that Kraninger was part of those discussions based on information she had.

“It is a moral stain that will follow you for the rest of your life,” she told Kraninger.

The Democrats had asked Kraninger to provide documents about her role in immigration issues and the recovery effort following the Puerto Rico hurricane.

She did not provide those documents, which was fine with Banking Committee Chairman Mike Crapo (R-Id.).

“These requests are designed to go after certain extraneous Administration policies that the requesters do not like and go far beyond the practice of this committee’s document production,” he said.

And Crapo said that Kraninger was well qualified to replace Acting CFPB Director Mick Mulvaney.

“Given her depth and diversity of public service experience, I have the utmost confidence that she is well-prepared to lead the Bureau in enforcing federal consumer financial laws and protecting consumers in the financial marketplace,” he said.

Crapo said the committee will vote on confirmation the week of July 31.