Under Mick Mulvaney, the Consumer Financial Protection Bureau (or Bureau of Consumer Financial Protection, depending on who you ask) has taken a much gentler approach towards the financial services industry.
That tactic is likely to continue if the Trump administration’s choice as a permanent replacement for departed CFPB Director Richard Cordray, Kathy Kraninger is ever confirmed by the Senate.
And that’s just what the housing industry is now loudly calling for.
This week, the housing industry’s largest and most prominent trade groups banded together to call on the Senate to confirm Kraninger as the next CFPB director.
“The undersigned organizations, representing the many facets of the housing and financial industries, support the nomination of Kathleen Kraninger as the Director of the Bureau of Consumer Financial Protection,” the groups said in a letter to the Senate leadership and members of the Senate Committee on Banking, Housing, and Urban Affairs.
“Our organizations believe Ms. Kraninger has the ability to lead and manage a large government agency, like the Bureau, which is tasked to ensure consumers’ financial interests are protected,” the groups continue. “We believe she will also fulfill the equally important role of ensuring businesses have the necessary compliance support to further those interests.”
The letter is signed by 21 of the housing industry’s top groups, including the National Association of Realtors, the Mortgage Bankers Association, the National Association of Home Builders, and the National Multifamily Housing Council.
Kraninger, who works closely with Mulvaney in his other position as the Director of the Office of Budget and Management, was nominated earlier this year. Her nomination was passed out of the Senate Banking Committee back in August by a narrow margin, which positions her to take over the CFPB if confirmed by the full Senate.
But that vote hasn’t happened yet, and the housing groups want the vote now because they believe Kraninger is the right person to lead the bureau.
“Ms. Kraninger’s previous positions in government demonstrate her approach to managing an agency that has significant impact on the daily lives of Americans and the entire U.S. economy,” the groups write. “Her background in government service with the Office of Management and Budget, Department of Homeland Security, and the Senate Appropriations Committee, gives her a strong understanding of the role of government and the need for increased transparency at the Bureau.”
The groups write that they believe the CFPB: “must improve its examination, enforcement, rulemaking and guidance processes to assist with regulatory compliance and bring certainty in the marketplace.”
And they believe Kraninger will do that. The groups say that approving Kraninger will benefit many of the parties involved, but neglect to make mention of the one group that the CFPB is supposed to actually help – consumers.
“In short, the undersigned groups know that Ms. Kraninger will not only be an asset to the Bureau, but also to Congress and the Administration to work together to strengthen our nation’s housing industry,” the groups conclude. “We urge the confirmation of Ms. Kraninger, and stand ready to partner with the Bureau and Congress to facilitate a robust real estate sector and overall economy.”
The letter is signed by the following groups:
American Escrow Association
America’s Homeowner Alliance
Asian Real Estate Association of America
Community Home Lenders of America
Community Mortgage Lenders of America
Consumer Mortgage Coalition
Council for Affordable and Rural Housing
Housing Policy Council
Manufactured Housing Association for Regulatory Reform
Manufactured Housing Institute
Mortgage Bankers Association
National Apartment Association
National Association of Home Builders
National Association of Housing Cooperatives
National Association of Realtors
National Leased Housing Association
National Multifamily Housing Council
National Reverse Mortgage Lenders Association
Real Estate Services Providers Council
The Realty Alliance
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