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Michigan Credit Union League

President Nominates New CFPB Director

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On June 17, President Trump nominated White House budget official Kathy Kraninger to lead the Consumer Financial Protection Bureau (CFPB). Kraninger, an associate director of the Office of Budget and Management, will replace current interim director Mick Mulvaney.

The Michigan Credit Union League (MCUL) and Credit Union National Association (CUNA) look forward to working with Kraninger in our continued pursuit of regulatory relief.

“Credit unions have faced an unprecedented amount of regulatory burden over the last several years. We look forward to working with new leadership at the bureau, and urge the new director to protect consumers by addressing bad actors in the marketplace, without unnecessarily limiting the ability of credit unions to serve their members,” said CUNA CEO Jim Nussle. “We are hopeful that the new director will recognize the unique structure of credit unions and the enormous benefit that credit unions provide to American consumers in need of financial services.”

The Dodd-Frank Act requires that a director must be confirmed by the Senate and will serve a five year term.

Mulvaney was named interim director by Trump in November, following the resignation of Richard Cordray.

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2018-06-18 00:00:00