Kraninger nomination wins cloture vote, BCFP unofficially outlining 2019 priorities

The Bureau of Consumer Financial Protection is drawing closer to new leadership after a Senate vote along party lines, 50-49, advancing the nomination of Kathleen Kraninger. She is expected to receive a confirmation vote early next week.

Kraninger was nominated by President Donald Trump to head the watchdog agency and has faced Democratic opposition. Trump installed Mick Mulvaney as temporary head of the BCFP after the resignation of the bureau’s first director, Richard Cordray. Kraninger is expected to continue Mulvaney’s work in scaling back the authority of the organization.

With Kraninger’s status as new director almost assured, informed sources tell the LSCU that the BCFP has begun unofficially outlining an overview of regulations for review in 2019.

They include:

  • Payday lending (A re-write of the current rule.)
  • HMDA update (Regular review mandated by statute. May look at thresholds and time frames.)
  • Debt collection (Third-party only at this time. First-part may come later, in 2021 or beyond.)
  • TRID (Look at possible modifications three years into its existence.)
  • Mortgage Servicing (The bureau is sensitive to just how complicated regulations are in this area.)

The bureau is not likely to look at overdraft protection regulation in 2019.