The US Senate has confirmed Kathy Kraninger to serve as the second director of the Bureau of Consumer Financial Protection (BCFP). She will serve a five-year term ending in December 2023, unless she is terminated for cause by the president. Thus, Kraninger will lead the agency through at least the first two years of the next presidential term.

Kraninger is currently an associate director of the Office of Management and Budget (OMB) where she reports to Mick Mulvaney, the OMB director and also the current acting director of the BCFP. She has previously served in other noncareer (political) positions in the Senate, the US Department of Homeland Security, and the US Department of Transportation.

During a lengthy confirmation process, Kraninger made it clear that she will continue to implement the president’s “regulatory rollback” directives, already set in motion by Mulvaney. Mulvaney has served in the acting director position since November 2017, when the BCFP’s first Senate-confirmed director, Richard Cordray, resigned to run, ultimately unsuccessfully, for governor of Ohio.