Trump’s CFPB Director Nominee is Ploy to Keep Mulvaney at Helm

For Immediate Release

June 18, 2018

CFPB Director Nominee is Ploy to Keep Mulvaney at Helm

WASHINGTON, D.C. – After nearly seven months of “Acting Director” Mick Mulvaney’s reign that has rolled back commonsense safeguards that held banks, payday lenders, and other bad actors on Wall Street accountable to families and taxpayers, the Trump Administration announced its plans Saturday to nominate Kathy Kraninger, an Office of Management and Budget (OMB) official, to be the next Director of the Consumer Financial Protection Bureau (CFPB).

The Stop the Debt Trap campaign, made up of more than 750 organizations from across the country, released the following statement:

“Kathy Kraninger has little to no relevant consumer protection experience, and this announcement is nothing but a ploy to keep Mulvaney in charge of the CFPB so he can continue to do the bidding of predatory lenders. We need a serious, qualified CFPB Director who has a track record of going to bat for consumers and who can keep Wall Street accountable and transparent to the public. To best serve their constituents, the Senate must swiftly reject Kathy Kraninger, call on Mick Mulvaney to resign as the unlawful head of the bureau, and send a message that we need a champion who people can trust to enforce our consumer protection laws.”