On Friday, January 25, the Consumer Financial Protection Bureau (CPFB or Bureau) issued a press release announcing additions to its senior leadership. The additions are as follows:
- Andrew Duke - Policy Associate Director for External Affairs. Mr. Duke has 27 years of public policy experience, including 20 years serving three different members of Congress.
- Laura Fiene - West Regional Director. Ms. Fiene has 31 years of expeirence regulating financial services companies and has been with the Bureau since its inception in 2011.
- Marisol Garibay - Acting Chief Communications Officer. Ms. Garibay hails from the Office of Management and Budget, where both Director Kathy Kraninger and Former Acting Director Mick Mulvaney came from. She has 14 years of experience in policy communications.
- Delicia Reynolds Hand - Deputy Associate Director for External Affairs. Ms. Hand has 17 years of experience in consumer advocacy and joined the Bureau in 2012.
- Lora McCray - Director of the Office of Minority and Women Inclusion. Ms. McCray has 15 years of experience in minority inclusion and management, most recently at the Federal Reserve Bank of Boston.
When a new leader comes into an organization, usually a new leadership team comes along with him or her. It's been a little over a month since Director Kathy Kraninger became the leader of the Bureau, and now we have both: a view into her vision of the Bureau and the senior leaders she is bringing in to help her establish that vision.
The Bureau has seen a lot of turmoil regarding its senior personnel over the past 15 months.
- Back in November 2017, Former Director Richard Cordray announced that he would be stepping down from his role.
- The next month brought turmoil around who would take over as Acting Director: Former Director Cordray's pick, Leandra English, or President Trump's pick, Mick Mulvaney. After a federal judge's ruling, Mick Mulvaney became the Acting Director.
- In June 2018, President Trump announced Kathy Kraninger as his pick to be the next permanent Director (with a 5-year term). This was met by a lot of resistance from Senator Elizabeth Warren and others.
- In August 2018, the Bureau's former Student Loan Ombudsman resigned with a bang, releasing a resignation letter that alleged the Bureau's new leadership was failing consumers. This letter sparked backlash and inquiries from Congress.
- In December 2018, Congress confirmed Kathy Kraninger as the next Director of the CFPB.
Hopefully a new Director means stability among the Bureau's ranks, and more clarity for those it supervises.