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Kathy Kraninger

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Kathy Kraninger
2nd Director of the Consumer Financial Protection Bureau
In office
December 11, 2018 – January 20, 2021
PresidentDonald Trump
DeputyThomas Pahl
Brian Johnson
Preceded byRichard Cordray
Succeeded byRohit Chopra
Personal details
Born (1974-12-28) December 28, 1974 (age 49)
Pittsburgh, Pennsylvania U.S.
Political partyRepublican
EducationMarquette University (BS)
Georgetown University (JD)

Kathleen Laura Kraninger (born December 28, 1974) is an American government official who served as director of the Consumer Financial Protection Bureau (CFPB) from December 11, 2018, until her resignation on January 20, 2021.[1] Before that, she served in the White House Office of Management and Budget during the Trump administration.[2][3][4][5]

Early life and education

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Kraninger was born in Pittsburgh, Pennsylvania[6] and raised in Chagrin Falls, Ohio.[7] She attended Marquette University from 1993 to 1997. While attending college, she interned in the office of then-United States Representative Sherrod Brown.[6] In 1997, she graduated magna cum laude from Marquette with a Bachelor of Science degree in political science and history. After college, she was a Peace Corps volunteer in Ukraine from September 1997 to November 1999.

After returning from Ukraine, she studied from 2003 to 2007 at Georgetown University Law Center, where she obtained her Juris Doctor, attending law school at night while working during the day.[7][8]

Career

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Office of Management and Budget (2017–2018)

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Kraninger served as an associate director in the Office of Management and Budget in the Trump administration.[9] As an associate program director, she oversaw $250 billion in funding for seven cabinet departments and other federal agencies, including the United States Departments of Commerce, Homeland Security, Justice, Housing and Urban Development, and Treasury.[9][10]

Consumer Financial Protection Bureau (2018–2021)

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On June 16, 2018, White House Deputy Press Secretary Lindsay Walters announced that President Donald Trump would nominate Kraninger as Director of the Consumer Financial Protection Bureau,[11] a position then held by OMB Director Mick Mulvaney. Consumer groups and Senate conservatives criticized her nomination for her perceived lack of qualifications.[12] She had no experience in financial industry regulation or in consumer protection matters.[13][14] Senator Elizabeth Warren threatened to block the nomination over Kraninger's role in the Trump administration's family separation policy, which drew criticism for separating migrant children from their parents at the U.S./Mexico border.[15] As part of her role in the OMB, Kraninger would have likely been involved in coordinating policies such as the family separation policy. Public records show that Kraninger held nearly two dozen meetings with multiple top-level officials from DHS, ICE and USCIS leading up to the family separation policy's implementation.[16][17] During the confirmation hearings, Kraninger declined to answer questions about her involvement in the family separation policy.[13]

Kraninger was confirmed on December 6, 2018, in a 50–49 party-line vote.[18][19]

In 2019, Kraninger sided with the Trump administration's Department of Justice in arguing that the CFPB had too much independence. The Trump administration had argued since 2017 that the CFPB was unconstitutional. Before she took over, the CFPB had defended itself from the Trump administration's claims of unconstitutionality. During her confirmation hearing in 2018, Kraninger had said that it would be up to Congress and the courts to resolve whether the CFPB was unconstitutional.[20]

In July 2020, Kraninger instituted a new rule at the CFPB whereby payday lenders would no longer have to check whether prospective borrowers can afford to repay high-interest loans.[21]

Kraninger resigned from her position on January 20, 2021, at the request of the incoming Biden administration.[22]

Awards

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In 2014, Marquette University awarded Kraninger its Young Alumna of the Year Award.[7] In 2009 she was granted the Meritorious Public Service Award by the United States Coast Guard.[23]

References

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  1. ^ O'Donnell, Katy (December 6, 2018). "Senate confirms Trump nominee Kraninger to lead consumer bureau". Politico. Retrieved December 20, 2018.
  2. ^ OMB Personnel, US Government Manual, accessed 06/16/2018
  3. ^ Perlman, Derek Kravitz,Al Shaw,Claire. "Kathleen Kraninger | Trump Town". ProPublica. Retrieved June 16, 2018.{{cite news}}: CS1 maint: multiple names: authors list (link)
  4. ^ Kathleen L. Kraninger (interview), C-SPAN
  5. ^ Clozel, Lalita. "Kathy Kraninger to Be Nominated to Head Consumer Financial Protection Bureau". The Wall Street Journal. Archived from the original on June 17, 2018. Retrieved June 19, 2018.
  6. ^ a b Eaton, Sabrina (January 30, 2019). "Ex-boss Sherrod Brown unlikely to back Chagrin Falls native nominated to head federal consumer bureau". Cleveland.com. Retrieved December 19, 2019.
  7. ^ a b c "Young Alumna of the Year Award: KATHLEEN L. KRANINGER, ARTS '97". Marquette University. April 24, 2014. Retrieved December 11, 2019.
  8. ^ "Senate Homeland Security staffer says 'don't sweat the small stuff'". Federal News Network. July 27, 2016. Retrieved December 10, 2019.
  9. ^ a b Puzzanghera, Jim (June 18, 2018). "Critics say CFPB nominee Kathy Kraninger lacks the experience to be the nation's top consumer financial watchdog". Los Angeles Times. Retrieved December 11, 2019.
  10. ^ "Kathy Kraninger". AFCEA Homeland Security Conference. July 11, 2018. Retrieved December 11, 2019.
  11. ^ Lane, Sylvan (June 16, 2018). "Trump to nominate budget official as next consumer bureau chief". TheHill. Retrieved June 16, 2018.
  12. ^ "Trump set to nominate OMB's Kraninger to succeed Mulvaney as consumer watchdog, sparking criticism from both left and right". CNBC. Retrieved June 19, 2018.
  13. ^ a b Sullivan, Emily (December 6, 2018). "Senate Confirms Kathy Kraninger As CFPB Director". NPR.org. Retrieved July 7, 2020.
  14. ^ Stewart, Emily (December 6, 2018). "The Senate just confirmed a director for CFPB who has no background in consumer issues". Vox. Retrieved July 7, 2020.
  15. ^ Smith, Ryan. "Warren threatens to block Trump's CFPB nominee". MPA Mag. Retrieved June 19, 2018.
  16. ^ Stewart, Emily (June 27, 2018). "Democrats want answers on CFPB nominee's involvement in family separation". Vox. Retrieved July 7, 2020.
  17. ^ Levintova, Hannah. "Elizabeth Warren demands Trump's consumer watchdog nominee explain her involvement in child separation". Mother Jones. Retrieved July 7, 2020.
  18. ^ "US Senate Roll Call Votes 115th Congress – 2nd Session". United States Government Publishing Office. Retrieved December 6, 2018.
  19. ^ Sullivan, Emily (December 6, 2018). "Senate Confirms Kathy Kraninger As CFPB Director". NPR. Retrieved January 17, 2020. The Senate voted 50–49 Thursday to back Kraninger as head of the consumer protection watchdog agency.
  20. ^ Higgins, Tucker (September 17, 2019). "The head of the CFPB now believes that the financial regulator is unconstitutionally structured". CNBC. Retrieved July 7, 2020.
  21. ^ "Payday lenders won't have to check whether borrowers can afford loans". www.cbsnews.com. July 7, 2020. Retrieved July 7, 2020.
  22. ^ Lane, Sylvan (January 20, 2021). "Consumer bureau director resigns after Biden's inauguration". The Hill. Retrieved January 21, 2021.
  23. ^ https://www.govinfo.gov/content/pkg/CHRG-115shrg32318/pdf/CHRG-115shrg32318.pdf [bare URL PDF]
Government offices
Preceded by Director of the Consumer Financial Protection Bureau
2018–2021 		Succeeded by
Dave Uejio
Acting
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