The Senate Banking Committee will vote on the nomination of Kathy Kraninger to lead the Consumer Financial Protection Bureau (CFPB) on Aug. 23.
The committee is expected to approve the nomination, and if it does, the decision will move to the full Senate for a final vote.
Kraninger said during a committee hearing in July that the bureau should tailor its rules “to reduce the burden of compliance, particularly on consumers and smaller marketplace participants.”
At the hearing, she outlined four priorities for the bureau, saying it should be fair and transparent, work with financial regulators and states on supervision and enforcement, protect consumer data, and be held accountable.
A few committee members cited the need for the bureau to be overseen by a commission rather than a single director.
The National Association of Federally Insured Credit Unions has requested that the CFPB exempt credit unions from certain rulemakings and instead focus on bad actors. Kraninger said at the hearing that she does support the bureau exercising its authority when bad actors are at work.
Kraninger, who was an associate director at the Office of Management and Budget, was nominated in June to lead the CFPB. If confirmed, Kraninger would take over from Mick Mulvaney, who has been acting director at the bureau since November 2017.
The Senate Banking Committee will also consider the nomination of Michael Bright to lead the Government National Mortgage Association on Aug. 23.