WASHINGTON–U.S. Senator John Boozman (R-AR) met with Kathy Kraninger, nominee to be Director of the Bureau of Consumer Financial Protection (CFPB), in his Washington office where they discussed the role of the bureau and Kraninger’s vision pertaining to its direction and leadership.
“As a former congressional staffer and someone with experience working in the executive branch, Ms. Kraninger is deeply familiar with the necessity of congressional oversight of federal departments and agencies,” Boozman said. “This is particularly relevant for any CFPB Director given the agency’s structural lack of transparency and accountability. I was pleased to hear her commit to following Congressional intent regarding consumer protection and regulation. While I will support her nomination, I believe Congress must continue pursuing reforms to the CFPB that will improve accountability and provide a needed check against its wide-ranging authority.”
Boozman joined 19 of his colleagues to introduce the Consumer Financial Protection Bureau Accountability Act of 2017 to make the agency accountable to the American people by bringing it under the Congressional appropriations process. The senator has also expressed concerns about the CFPB’s data collection and security practices to former Director Richard Cordray. Federal Circuit and Appeals Courts have handed down opposing decisions on the constitutionality of the CFPB. The case could make its way to the Supreme Court for a final ruling.
The CFPB is currently led by Mick Mulvaney in an acting-director capacity. Mulvaney is also Director of the Office of Management and Budget.