Kathy Kraninger, the former director of the Consumer Financial Protection Bureau in the Trump administration, has been named CEO of the Florida Bankers Association.
Alex Sanchez, the Florida bank trade group's current CEO, announced the change in a post on
"The [Florida Bankers Association] team is a family," Sanchez wrote. "While this member of the family will soon be leaving them behind, they will continue in their dedication in serving our industry by helping the FBA's fourth CEO, Kathy Kraninger, and her efforts."
Sanchez could not immediately be reached for comment. A spokesperson for the trade group did not immediately respond to a request for comment.
Kraninger served as director of the CFPB from 2018 to 2021 after a career as a civil servant. She resigned from the CFPB in 2021 on the day that President Biden was inaugurated and stated in a tweet at the time that she was leaving "as requested by the Biden administration."
In mid-2021, Kraninger joined Solidus Labs, a New York-based cryptocurrency market surveillance firm, as vice president of regulatory affairs. The company still has her listed as a senior official on its web site.
Kraninger was widely respected by Republicans and many in the banking industry, which saw her bringing a more balanced approach to regulation and enforcement. She was pilloried by Democrats during her tenure largely for gutting the core ability-to-repay requirements of the bureau's payday lending rule, which still has not gone into effect.
Under Kraninger's watch, the CFPB brought in $1.5 billion in total consumer relief in 2019 and 2020 combined and brought 48 enforcement actions in 2020, second only to former CFPB Director Richard Cordray, who filed 57 actions in 2015.
She said on leaving the agency that she hoped her legacy "will be the maturation of the CFPB itself and its role within the financial services regulatory framework."
