Kraninger approved by Senate Panel as BCFP director

The Senate Banking committee voted in favor of Kathy Kraninger to become the permanent director of the Bureau of Consumer Financial Protection (BCFP). Kraninger, who currently serves in the Office of Management and Budget, was nominated by President Donald Trump in June to take the place of Acting Director Mick Mulvaney.

It was a 13-12 vote, and, as expected, Sen. Elizabeth Warren delivered a high-decibel attack on Kraninger’s credentials and abilities.

According to members of Chairman Mike Crapo’s staff, Kraninger’s nomination will get a Senate floor vote in September, though there is a strong rumor that Sen. Warren has placed a “hold” on the nomination in a little known procedure whereby a Senator can stop a nomination from being considered.

Holds are generally non-public, and their existence rarely acknowledged, but Crapo’s staff, as well as another Senate Banking Committee Republican, say that Warren has already informed leadership that she will “hold” the nomination.

If it is true that Sen. Warren has placed a hold on the nomination, current Acting Director Mulvaney would remain in charge. An acting director can continue to serve while a successor is awaiting confirmation.