CFPB’s Kraninger Resigns at Request of President Biden

Consumer Financial Protection Bureau Director Kathleen Kraninger resigned Wednesday, at the request of President Biden.

“I support the constitutional prerogative of the president to appoint senior officials within the government who support the president’s policy priorities, which ensures our government is responsive to the will of the people as expressed in presidential elections,” Kraninger wrote, in a letter to Biden, released immediately after Biden was sworn in as president.

In the letter Kraninger said she is proud of her work at the agency. “Our results demonstrate a clear commitment to effectively utilizing all four tools that Congress gave us—education, regulation and guidance, supervision and enforcement,” she wrote.

Biden had already announced that he intends to nominate Federal Trade Commissioner Rohit Chopra to head the CFPB. Chopra is a former CFPB employee who served during the Obama Administration under then-Director Richard Cordray.

Democrats have been extremely critical of Kraninger, accusing her of favoring businesses over consumers.

It is unclear who will serve as CFPB director until Chopra is confirmed by the Senate. As an official already confirmed by the Senate, he may be eligible to serve as acting director. If he does not assume the role as acting director, federal law allows Biden to appoint a current senior CFPB employee as acting director.

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