CFPB Director Cathy Craninger resigned Wednesday at the request of incoming President Biden to be sworn in, paving the way for his candidate to lead the powerful regulatory agency.
Craninger, a previously appointed Republican President TrumpDonald Trump, Lil Wayne gets pardon for Trump at 11:00, Trump grants clemency to more than 100 people, including Bannon Trump expected to pardon Bannon: More ReportsAbout an hour after Biden was inaugurated as the 46th president of the United States, she announced her departure via Twitter.
„I endorse the president’s constitutional prerogative to appoint senior officials within the government who support the president’s policy priorities, ensuring that our government responds to the will of the people as expressed in the presidential elections,“ Craninger wrote.
At the request of the Biden administration, I today resigned as Director of CFPB. I am proud of everything we have accomplished on behalf of consumers. I was honored to lead the agency through these difficult times. pic.twitter.com/tlK4IpOOLN
– Cathy Craninger (Director of FPCFPBD) January 20, 2021
Craninger was confirmed to lead the CFPB in December 2018 for a period that would last until 2023. She was the second full-time director of the agency, which was created under the Wall Street Dodd Frank 2010 Reform Act to oversee how banks, lenders, and credit card companies and debt officers deal with their clients.
Biden would have fired Craninger had she not resigned thanks to a Supreme Court ruling challenging the constitutionality of the Kraninger-backed CFPB and the Trump administration. The court found the CFPB structure unconstitutional in June and solved the problem by repealing a clause restricting when the president could fire the bureau chief.
Craninger’s resignation gives Biden the opportunity to quickly appoint an Acting Director to lead the CFPB to its final candidate. Rohit ChopraRohit ChopraHillicon Valley: Biden Picks Urgent Need for Cybersecurity in Confirmation Sessions | Federal Trade Commission Chairman Steps Down This Month | Progressives warn against appointing tech insiders in key antitrust roles May pick up Consumer Biden office The agency on opening day Warns progressive groups against appointing tech insiders in key antitrust roles More, Certain. Chopra is currently the Federal Trade Commissioner and Biden He can be appointed To lead a CFPB based on acting until formally nominated.
Chopra is expected to take a more aggressive stance towards the financial industry than did Kranger, following in the footsteps of the previous manager. Richard CordrayBiden’s consumer office, Richard Adams Cordray, in Biden may be picked by the agency on opening day a consumer office vet who fought Trump will lead Biden’s plans to overhaul the agency’s consumer office Eliminate payday lending restrictions More (D) The age. Elizabeth WarrenElizabeth Warren Biden’s selection for Pentagon cruises through a confirmation hearing, Senate Democrats are calling on Biden to invoke the Defense Production Act immediately, the Biden Consumer Office may take over the agency on inauguration day More (D-Mass.), CFPB engineer.
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