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Industry Reacts to the Appointment of Kathleen Kraninger as Director of the Bureau of Consumer and Financial Protection
press release
   

This afternoon, the Senate voted to approve Kathleen Kraninger as the next Director at the Bureau of Consumer and Financial Protection. Kraninger will replace Acting Director Mick Mulvaney, who has led the bureau since November of 2017.

Shannon McGahn, Senior Vice President of Government Affairs for the National Association of Realtors® issued a statement saying, “The National Association of Realtors® applauds the Senate’s confirmation of Kathleen Kraninger to lead the Bureau of Consumer Financial Protection – the agency tasked to ensure consumers’ financial interests are protected. America’s 1.3 million Realtors® recognize the critical role the Bureau plays in maintaining the integrity of significant financial transactions like home purchases. Under Ms. Kraninger’s leadership, we believe the Bureau will properly protect consumers and support businesses that help more individuals achieve the American Dream of homeownership.

“Earlier this month, NAR spearheaded a support letter for Ms. Kraninger to Senate leadership, an effort that was supported by over 20 housing and financial organizations from across the industry. Ultimately, NAR is pleased to see Ms. Kraninger confirmed, and we look forward to working alongside the Bureau in our shared efforts to protect consumers, ensure compliance certainty in the marketplace and strengthen our nation’s housing industry.”

Robert D. Broeksmit, CMB, President and CEO of the Mortgage Bankers Association (MBA), said in his statement that, "Kathy Kraninger is an intelligent, experienced administrator who has worked on a broad range of complex, high-profile issues over the course of her career. We look forward to working with her and anticipate she will continue the Bureau's efforts to protect consumers by providing financial institutions clear and understandable regulations accompanied by appropriate compliance and implementation requirements."

The American Land Title Association encouraged her to fix the inaccurate disclosures of title fees on mortgage disclosures:

“ALTA and its members look forward to working with Kathy Kraninger and the Bureau’s staff to help provide positive and compliant real estate settlement experiences for consumers and lenders, and serve as a resource on important issues such as wire transfer fraud, third-party oversight and mortgage disclosures,” said Cornelia Horner, ALTA’s interim chief executive officer. “As the Bureau transitions to new leadership, we are hopeful Director Kraninger and her team will address the inaccurate disclosure of title insurance fees under the TILA-RESPA Integrated Disclosures rule. While the Bureau’s disclosures have helped homebuyers better understand their mortgage costs, consumers would value their disclosures more if the Bureau showed the accurate costs of title insurance. The Bureau has an obligation to make this simple change, so consumers receive accurate information about title insurance at closing.”



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