June 15, 2018 / 9:48 PM / a month ago

OMB official Kathy Kraninger said to succeed Mulvaney at CFPB -Bloomberg

June 15 (Reuters) - Kathy Kraninger, an official from the White House Office of Management and Budget, is President Donald Trump's leading candidate for permanent director of the Consumer Financial Protection Bureau (CFPB), Bloomberg reported bloom.bg/2td6jVF on Friday, citing sources.

Kraninger would succeed her boss, the interim head of the CFPB Mick Mulvaney, if the decision is approved by the senate.

The OMB was not immediately available for comment.

Trump appointed Mulvaney as temporary head of the CFPB in November to replace Richard Cordray, an appointee of President Barack Obama.

Kraninger, current associate director at OMB, has previously worked for the Department of Homeland Security and the Senate Appropriations Committee, Bloomberg said.

The potential announcement of Kraninger’s selection could be next week and is expected to raise concerns among Democrats due to lack of financial policy expertise in her professional background, the news agency said.

The CFPB was conceived in 2010 after the global financial crisis to stamp out predatory lending.

The law requires Trump to formally nominate someone to lead the CFPB by the end of the month and his final pick will be named next week, a top U.S. official said on Tuesday. (Reporting by Shalini Nagarajan in Bengaluru; Editing by Sandra Maler)

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