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Benjamin K. Olson quoted in Dodd Frank Update article, “CFPB director nominee would replace boss if confirmed”

Dodd Frank Update

Benjamin K. Olson

Benjamin K. Olson was quoted on June 19, 2018 in a Dodd Frank Update article, “CFPB director nominee would replace boss if confirmed,” which discussed President Trump’s nomination of Kathy Kraninger to serve as the director of the Consumer Financial Protection Bureau, and the president’s alleged intentions behind his nomination. The article stated, “Speculation has swirled as to whether President Donald Trump would put forth a nomination for director of the Consumer Financial Protection Bureau (CFPB) with a significant chance of being confirmed or if he would tap someone who simply would help extend Mick Mulvaney’s stay as acting director. It appears, to many, that the president went with the latter option, although some industry insiders argue that she has the necessary managerial experience. With the nomination of Kathy Kraninger – an associate director at the Office of Management and Budget (OMB) with no formal experience in banking, enforcement or dealing with consumer issues – it seems likely that Mulvaney will not be exiting his interim leadership role at the bureau any time soon.”

Olson noted that the nomination doesn’t change how the bureau will proceed under the Trump administration, and stated, “Whether the Senate confirms Ms. Kraninger to a five-year term or her nomination is ultimately rejected and Mulvaney remains as the bureau’s acting director, the reforms he has begun will continue for the foreseeable future.”

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