Trump close to nominating CFPB chief: report

President Trump is close to nominating a candidate to permanently direct the Consumer Financial Protection Bureau (CFPB), Bloomberg reported.

According to four sources that spoke with Bloomberg, Trump is expected to nominate Kathy Kraninger, an associate director at the Office of Management and Budget (OMB).

Since November, the CFPB has been led part-time by OMB Director Mick Mulvaney.

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Mulvaney is expected to stay at the CFPB until the end of the year because Kraninger’s confirmation could take months and requires Senate approval. Bloomberg indicated it may not be a smooth confirmation process.

Kraninger — who previously worked for the Department of Homeland Security and the Senate Appropriations Committee — would take over a CFPB that has seen dramatic changes since it was taken over by Republicans.

The CFPB was created by the Obama administration in 2011 after the financial crisis. The independent agency serves to protect consumers in the financial sector.

Under Mulvaney, the bureau has frozen data collection and dropped enforcement cases. He has also asked advisers to find ways to cut the bureau’s budget for next year, according to Bloomberg.

Kraninger’s nomination could be announced next week, according to Bloomberg. The nomination is expected to be opposed by Democrats, who might be concerned about her lack of financial policy expertise, Bloomberg noted.