Senate Banking Committee Postpones Vote on CFPB Nominee

Aug 2, 2018Banks & Credit Unions, News

The Senate Banking Committee has postponed its vote, scheduled for today, on whether to approve Kathy Kranger’s nomination to head the CFPB and advance it to the full Senate for final confirmation. Kraninger was nominated in June and faced a hearing before the Banking panel on July 19.

Senator Elizabeth Warren (D-Mass.) had written a letter to Banking Committee Chairman Mike Crapo, asking that the scheduled vote be delayed until Democrats on the committee received more detailed answers to questions they had submitted. Crapo gave no indication of whether Warren’s letter spurred the vote’s delay, or if it was for other reasons. According to Politico’s Morning Money, “sources on both sides of the aisle said it was postponed only because the Senate as a whole was finishing its work week ahead of schedule.”

The committee was also set to vote on other nominations, including Kimberly Reed to head the Export-Import Bank, Elad Roisman to serve as SEC Commissioner, Michael Bright to lead Ginnie Mae, and Dino Falaschetti to head the Office of Financial Research.

An updated timeline for the nomination has not been announced, though with the Senate in recess until the week of August 13, all of the nominees will have to wait two weeks to see if there is an update on their respective nominations. Kraninger would take over for CFPB Acting Director Mick Mulvaney, who assumed control of the agency in November 2017.

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