The director of the Office of Consumer Financial Protection (CFPB), Kathy Kraninger, resigned on Wednesday at the request of the new deposed president Biden, paving the way for his candidate to lead the strong regulatory agency.
Kraninger, a former Republican President Trump
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“I support the president’s constitutional prerogative to appoint senior government officials who support the president’s political priorities, which ensures that our government responds to the will of the people, as expressed in the presidential election,” Kraninger wrote.
As requested by the Biden administration, today I resigned from the position of director of CFPB. I am proud of everything I have done on behalf of consumers. It was an honor to run the agency in these difficult times. pic.twitter.com/tlK4IpOOLN
– Kathy Kraninger (FPCFPBDirector) January 20, 2021
Kraninger was confirmed to lead the CFPB in December 2018 for a term of office until 2023. She was the agency’s second full-time director, created by the 2010 Dodd-Frank Wall Street Reform Act to oversee how which banks, creditors, credit card companies and debt managers treat their customers.
Biden could have fired Kraninger if he had not resigned over the Supreme Court ruling in a challenge to the constitutionality of the CFPB backed by Kraninger and the Trump administration. The court found the CFPB structure unconstitutional in June and resolved the issue by removing a provision limiting when the president can remove the director of the bureau.
Kraninger’s resignation gives Biden the opportunity to quickly appoint an interim director to lead the CFPB to his eventual candidate, Rohit Chopra
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Chopra is expected to take a much more aggressive stance towards the financial industry than Kraninger, following in the footsteps of the former director Richard Cordray
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