CFPB Nominee Kraninger Approves of Mulvaney’s Policies
Kraninger says she will not allow the bureau to regulate issues through enforcement actions.
CFPB Director nominee Kathy Kraninger continues to refuse to answer many of the questions that Democratic senators have posed, but some of her answers provide some hints about how she might run the agency.
Responding to written questions posed by Senate Banking Committee Democrats, Kraninger said she agrees with the pro-business regulatory approach undertaken by Acting Director Mick Mulvaney.
“Based on the information that is available to me at this time, I cannot identify any actions that Acting Director Mulvaney has taken with which I disagree,” she said.
Kraninger said she will not allow the bureau to regulate issues through enforcement actions.
“As noted in my testimony, it is critical to have clear rules so that lenders and consumers themselves are aware of the rules,” she said. “Effective use of notice and comment rulemaking is essential for ensuring the proper balancing of all interests.”
And she said that she is committed to “data-driven” decision-making.
On several issues, Kraninger said she would not answer questions about CFPB policies, saying, that to do so would be prejudging an issue without all the necessary information.
For instance, she refused to discuss whether the agency might file new cases alleging Unfair, Deceptive, Abusive Acts and Practices or the payday lending rules that Mulvaney said the agency is reexamining.
“I am firmly committed to fulfilling the Bureau’s congressional mandate in accordance with the Dodd-Frank Act,” she said
Responding to other written questions posed by Senate Banking Committee Democrats, Kraninger declined to produce documents related to the Trump Administration’s immigration policy. As an associate director of the Office of Management and Budget, Kraninger has an oversight role in Department of Homeland Security Policy.
Democrats have pushed for Banking Chairman Mike Crapo (R-Id.) to delay a vote on Kraninger’s nomination until she answers those questions. Crapo last week postponed a confirmation vote because the Senate had gone on recess.
He has made it clear that he does not believe the immigration issues are relevant and will not delay a vote until Kraninger produces documents.
Kraninger has said that she had no role in making immigration policy but has declined to discuss whether she was part of any discussions about it.