Kathy Kraninger facts for kids
Quick facts for kids
Kathy Kraninger
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| 2nd Director of the Consumer Financial Protection Bureau | |
| In office December 11, 2018 – January 20, 2021 |
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| President | Donald Trump |
| Deputy | Brian Johnson Leonard Chanin (acting) Thomas Pahl |
| Preceded by | Richard Cordray |
| Succeeded by | Rohit Chopra |
| Personal details | |
| Born |
Kathleen Laura Kraninger
December 28, 1974 Pittsburgh, Pennsylvania U.S. |
| Political party | Republican |
| Education | Marquette University (BS) Georgetown University (JD) |
Kathleen Laura “Kathy” Kraninger (born December 28, 1974) is an American government official. She was the director of the Consumer Financial Protection Bureau (CFPB) from December 2018 to January 2021. Before that, she worked in the White House Office of Management and Budget during Donald Trump's time as president.
When she was chosen to lead the CFPB, Kathy Kraninger did not have much experience in financial rules or protecting consumers. During her time as director, she made some rules less strict for companies that offer quick, high-interest loans. She also agreed with the Trump administration that the CFPB had too much independence.
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Kathy Kraninger's Early Life and Education
Kathy Kraninger was born in Pittsburgh, Pennsylvania. She grew up in Chagrin Falls, Ohio. From 1993 to 1997, she went to Marquette University. While in college, she worked as an intern for Sherrod Brown, who was a U.S. Representative at the time.
In 1997, she graduated from Marquette University with high honors. She earned a Bachelor of Science degree in political science and history. After college, she joined the Peace Corps. She was a volunteer in Ukraine from September 1997 to November 1999.
After returning from Ukraine, she went to Georgetown University Law Center. She studied law there from 2003 to 2007. She attended law school at night while working during the day. She earned her law degree, called a Juris Doctor (JD).
What Kathy Kraninger Did for Work
Working at the White House Budget Office
From 2017 to 2018, Kathy Kraninger worked as an associate director in the Office of Management and Budget (OMB). This office helps the President manage the government's money. She was in charge of about $250 billion in funding.
This money went to seven different government departments and other federal agencies. These included departments like Commerce, Homeland Security, Justice, Housing and Urban Development, and Treasury.
Leading the Consumer Financial Protection Bureau
On June 16, 2018, President Donald Trump announced he would nominate Kathy Kraninger to be the Director of the Consumer Financial Protection Bureau (CFPB). This agency helps protect people when they deal with banks and other financial companies.
Some groups and senators were concerned about her nomination. They felt she did not have enough experience in financial rules or protecting consumers. For example, Senator Elizabeth Warren raised concerns about Kraninger's past work.
Kathy Kraninger was confirmed for the role on December 6, 2018. The vote was very close, with 50 votes for her and 49 against. Most votes followed party lines.
In 2019, Kraninger agreed with the Trump administration's view that the CFPB had too much independence. The administration had argued that the CFPB's structure was not allowed by the country's main law. Before she took over, the CFPB had disagreed with these claims.
In July 2020, Kraninger put a new rule in place at the CFPB. This rule meant that companies offering quick, high-interest loans no longer had to check if people could afford to pay them back.
Kathy Kraninger left her position on January 20, 2021. She resigned at the request of the new Biden administration.
Awards and Recognition
In 2014, Marquette University gave Kathy Kraninger its Young Alumna of the Year Award. This award recognizes successful former students.
In 2009, she received the Meritorious Public Service Award. This award was given to her by the United States Coast Guard.
