New Director Could Wield Budget Ax at Consumer Finance Watchdog

Now that Kathleen Kraninger has been confirmed to lead the Consumer Financial Protection Bureau, the budget wonk will have untethered authority to use spending to reshape the agency’s priorities.

Kraninger avoided discussing her policy prerogatives during her July confirmation hearing, but voiced support for acting CFPB Director Mick Mulvaney’s moves to dial back CFPB enforcement and draw no new money from the Federal Reserve to fund agency operations last January. Mulvaney asked for a combined $271.4 million in funding in subsequent draws from the Fed in March and September under the agency’s independent budget powers established by the Dodd-Frank Act. ...