NWCUA Regulatory Team, Advocates Plan Spring Meeting with Newly Confirmed BCFP Director

Kathleen Kraninger takes the reins at the bureau for a five-year term.

Kathy Kraninger Headshot

Kathleen Kraninger was recently appointed to a five-year term as Director of the Bureau of Consumer Financial Protection. She was confirmed by the Senate on Dec. 6.

12/11/18

As Kathleen Kraninger begins a five-year term as director of the Bureau of Consumer Financial Protection (BDFP), the Northwest Credit Union Association is poised to offer immediate input on agency rules and their impact on credit unions’ service to members.

Prior to Kraninger’s Senate confirmation Dec. 6, the bureau had been under the temporary leadership of Acting Director Mick Mulvaney since 2017.

“We have been fortunate to share input with the BCFP on several amendments to regulations that have been implemented since the bureau was created, and look forward to continued dialogue,” said Katie Clark, NWCUA Director, Regulatory Compliance & Risk Management. “We will share our recommendations for a regulatory environment that strikes a balance between appropriate consumer protection and a favorable operating environment for credit unions.”

Clark confirmed NWCUA and a delegation of Northwest credit union leaders will request a meeting with Kraninger during the Spring Hike the Hill in 2019.

Regulatory advocacy efforts already underway include a comment letter recently sent to the bureau regarding adopted regulations and new rulemaking authorities. Other regulatory priorities your Association is closely monitoring include future rulemaking related to the Home Mortgage Disclosure Act (HMDA), Payday lending, debt collection, and Unfair, Deceptive, or Abusive Acts or Practices (UDAAP).

“We appreciate the opportunity for continued dialogue with the bureau and particularly with the new director, to provide a better understanding of the products and services credit unions offer, and how those services meet consumer needs,” said Clark.