Paves the way for Rohit Chopra
Washington DC – 20 January 2021 – Moments after President Joe Biden’s inauguration, Consumer Financial Protection Bureau Director Kathy Kraninger announced her resignation Wednesday. as Director of the agency. Kraninger was tapped to lead the CFPB in 2018 by President Trump. Nominally appointed to a five-year term, the CFPB director was held by the Supreme Court in 2020 to be removable at the pleasure of the president.
“As requested by the Biden administration, today I resigned as Director of the CFPB,” Kraninger said. “I am proud of all that we accomplished on behalf of consumers. It has been an honor to lead the agency during these challenging times.”
Over the weekend, President Biden said that he intends to nominate Rohit Chopra, a Democratic member of the Federal Trade Commission who was a member of the launch team for the CFPB, as the bureau’s next director. What happens next in Chopra’s nomination process and where his priorities will lie as far as debt collection regulations remain to be seen.
Some reports claim that he could serve as CFPB director even during his confirmation process with the U.S. Senate. Other legal scholars argue that this not in line with the Federal Vacancies Reform Act.
In the meantime, Tom Pahl, who could have been an interim director, retired on January 19th, and Biden designated Dave Uejio, the CFPB’s chief strategy officer, as acting director.
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