Mulvaney, Trump’s budget director, will soon depart as acting CFPB chief to be replaced by his little-known lieutenant at OMB, Kathy Kraninger, who has no experience in either consumer affairs or banking. That could give the Democrats a much stronger hand in defending the Obama-era bureau, by doing everything from securing its independent source of funding to conducting endless oversight hearings.
Fending off further GOP attempts to rein in the CFPB “would be a battle with this administration, and it would be a test of wills,” said Rep. Lacy Clay (D-Mo.), the top Democrat on the House Financial Services subcommittee with jurisdiction over the agency.
“I’m ready to fight that battle,” Clay said.
Maxine Waters, the California Democrat who will take over as chairwoman of the Financial Services Committee, has made clear that shielding the agency will be a key priority.