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Consumer Financial Protection Bureau (CFPB) director Kathy Kraninger resigned on Wednesday at the behest of newly sworn-in President Biden, paving the way for her candidate to lead the powerful regulatory agency.
Kraninger, a Republican appointed by the former President Trump
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“I support the president’s constitutional prerogative to appoint senior officials in government who support the president’s political priorities, which ensures that our government responds to the will of the people expressed in the presidential elections,” Kraninger wrote.
At the request of the Biden administration, I resigned today from my post as Director of CFPB. I am proud of all that we have accomplished on behalf of consumers. It has been an honor to lead the agency in these difficult times. pic.twitter.com/tlK4IpOOLN
– Kathy Kraninger (Director FPCFPB) January 20, 2021
Kraninger was confirmed to head the CFPB in December 2018 for a term until 2023. She was the second full-time director of the agency, which was created by the Dodd-Frank Wall Street Reform Act of 2010 to oversee how banks, lenders, and credit card companies and debt services treat their customers.
Biden could have fired Kraninger had she not resigned thanks to the Supreme Court ruling in a challenge to the constitutionality of the CFPB backed by Kraninger and the Trump administration. The court ruled the CFPB’s structure unconstitutional in June and solved the problem by striking down a provision limiting when the president can remove the director of the office.
Kraninger’s resignation gives Biden the opportunity to quickly appoint an interim director to lead the CFPB through to its eventual candidate, Rohit Chopra
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Chopra is expected to take a much more aggressive stance towards the financial industry than Kraninger has, following in the footsteps of the former CEO. Richard Cordray
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