Resume Uncovered Through Freedom of Information Act (FOIA) Shows Trump CFPB Nominee Has Zero Consumer Financial Experience
WASHINGTON, D.C. – According to Kathy Kraninger’s actual resume, President Trump’s nominee to lead the Consumer Financial Protection Bureau (CFPB) has zero experience when it comes to consumer protection or holding big banks, predatory lenders, and financial scammers accountable. The document was obtained by consumer advocacy organization Allied Progress as part of a Freedom of Information Act (FOIA) request
“Kathy Kraninger’s own resume proves she has no record of consumer protection or holding big banks, predatory lenders, and other financial scammers accountable. No wonder she has repeatedly refused to answer even the most basic questions about her record or her views on pressing consumer financial issues,” said Karl Frisch, executive director of Allied Progress.
He continued, “Rather than reward Kraninger with a promotion she does not deserve and is not qualified for, Senators should oppose her confirmation and demand President Trump nominate an experienced consumer champion instead. The mission of the CFPB is far too important to be placed in the hands of someone who needs on the job training.”
Lame-duck Senate Republicans are expected to vote this week on Kraninger’s nomination despite her clear lack of consumer protection experience and her unwillingness to provide answers to basic questions about her record or her views on important consumer financial issues. In response to questions from Senators, Kraninger indicated she could not identify any actions taken by then-Acting CFPB Director Mick Mulvaney with which she disagrees.
In the months following Kraninger’s June nomination by President Trump, Allied Progress launched KathyKraninger.com and @KathyKraninger on Twitter, ran extensive television and digital ads opposing her confirmation, published a full-page ad in The New York Times, and sent direct mail to tens of thousands of influencers and officials encouraging them to oppose her confirmation. The television ads can be viewed here while other elements can be viewed here.
In July, the organization, represented by American Oversight, filed a Freedom of Information Act (FOIA) lawsuit against the Office of Management and Budget (OMB) and the Consumer Financial Protection Bureau (CFPB), seeking information that would shed light on Kraninger’s record. The FOIA requests sought employment documentation, travel and reimbursement information, calendars, and a variety of electronic communications for Ms. Kraninger. OMB and CFPB failed to provide the requested documents, forcing Allied Progress to ask a federal court to step in.
Kraninger’s can be viewed here (PDF).
Kraninger’s Actual Resume Confirms She Has Zero Consumer Protection Experience
Kathy Kraninger’s Official OMB Resume Makes No Mention of Any Role or Experience Related to Financial Regulation or Consumer Protection
- Kraninger’s Official Resume Contains No Evidence of Consumer Protection or Financial Services Experience. [Resume of Kathleen Kraninger, Response to OMB FOIA #2018-397, accessed December 3, 2018]
- Kraninger Admitted During A Hearing on Her Nomination to Run the Consumer Financial Protection Bureau That “She Has Never Worked in Any Financial Capacity.” “Kraninger admitted that she has never worked in any financial capacity, either at a bank or a credit union, or as a regulator. She has had no supervision responsibilities over payday lenders, credit bureaus, insurance companies, or debt collectors. She has no experience with the Equal Credit Opportunity Act, the Truth in Lending Act, or any other consumer protection law. She couldn’t remember any law school classes involving consumer protection. She did claim to have worked once, while in college, on a financial literacy program.” [David Dayen, “Trump Nominee For CFPB Admits In Hearing She Has No Background In Consumer Protection Or Financial Regulation,” The Intercept, 07/19/18]
- During Her Time At OMB, Kraninger Was “Virtually Unknown to The Financial Services Community.” As an associate director at the Office of Management and Budget, Kraninger was virtually unknown to the financial services community” before rumors of the nomination circulated. “She has a background in homeland security issues and joined the administration from the Senate Appropriations Committee, but nothing is known about her views on financial services, consumer protection or regulation.” [Victoria Finkle, “Bankshot Trump’s CFPB pick clears up what, exactly?” American Banker, 06/19/18]
# # #