Kraninger Becomes Head of FFIEC

Kathy Kraninger, director of the Consumer Financial Protection Bureau (CFPB), was recently named chairman of the Federal Financial Institutions Examination Council (FFIEC), an interagency governmental body that is “empowered to prescribe uniform principles, standards, and report forms to promote uniformity in the supervision of financial institutions.”

Established in 1979, FFIEC voting members include staff from the following federal agencies:

• The Board of Governors of the Federal Reserve System (FRB);
• The Federal Deposit Insurance Corporation (FDIC);
• The National Credit Union Administration (NCUA);
• The Office of the Comptroller of the Currency (OCC); and
• The Consumer Financial Protection Bureau (CFPB).

This is the first time a CFPB director will lead the interagency body. Kraninger’s term as chair of the FFIEC will run from April 2019 through March 2021. Her predecessor was Jelena McWilliams, Chairman of the FDIC.

“The FFIEC provides a platform for members of the Council to promote collaboration and consistency in the supervision of financial institutions,” said Kraninger. “Under my leadership, I plan to focus on building a culture of compliance that prevents consumer harm in the first place. This prevention of harm is one of my primary goals, and using all available tools will better protect consumers, taxpayers, and the financial system.”