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Politics & MoneyInvestmentsMortgageReal Estate

Senate votes to advance Kathy Kraninger as next CFPB director

Kraninger's confirmation nearly complete

Voting along party lines, the Senate voted Thursday to close the debate and move forward with the nomination of Kathy Kraninger to serve as director of the Consumer Financial Protection Bureau.

The procedural vote sets up an official confirmation vote, which should occur in the next few days.

The Hill has the details:

Senators voted 50-49, along party lines, to end debate on Kathy Kraninger’s nomination to be the next CFPB director, with no Democrats supporting her. Kraninger is likely to be confirmed next week after a contentious Senate floor debate over her selection.

Kraninger, who works closely with CFPB Interim Director Mick 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.

That vote should come soon, and Kraninger is likely to be confirmed thanks to the slim Republican majority in the Senate.

Again from The Hill:

Senate Democrats are expected to lay into Kraninger in a series of floor speeches leading to the final vote, but Kraninger appears to be safe for confirmation despite unanimous Democratic opposition.

Republicans quickly united around Kraninger as Mulvaney privately rallied their support, touting her as the ideal manager to reign in the CFPB.

Kraninger has the support of 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, which recently asked Senate leadership to bring Kraninger’s nomination to a full vote.

“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 wrote.

“We believe she will also fulfill the equally important role of ensuring businesses have the necessary compliance support to further those interests,” the groups continued.

“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 concluded. “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.”

And now, it looks like they’ll get their wish within days.

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