After the director of the Consumer Financial Protection Bureau (CFPB) resigned to follow the wishes of the new administration, the White House said President Joe Biden would name Dave Uejio to temporarily lead the bureau, Reuters reported.
“I support the Constitutional prerogative of the President to appoint senior officials within the government who support the President’s policy priorities, which ensures our government is responsive to the will of the people,” Kathy Kraninger said in a letter announcing her departure, as per Reuters.
Kraninger, whose time in office was set to conclude in 2023, said on social media that she was resigning just after the new president was sworn into office. She was appointed to the office by former President Donald Trump, Reuters reported.
Uejio will head up the CFPB pending the Senate go-ahead for Rohit Chopra to serve as the regulatory organization’s permanent head. Uejio, whose most recent position at the CFPB listed on LinkedIn is chief strategy officer, has worked for the bureau for nearly a decade.
The CFPB has been tasked with making sure that financial rules are followed and safeguarding consumers.
Earlier in January, the bureau’s Taskforce on Federal Consumer Financial Law published a report with many recommendations. There are approximately 100 of them, and they are intended for the CFPB itself along with Congress and state and federal regulators.
They include authorizing the bureau to provide licenses to non-depository institutions that offer lending, money transmission and payments services; growing access to the payment system to include those who are underbanked or unbanked; and interfacing “with other agencies to create a unified regulatory regime for new and innovative technologies providing services similar to banks.”
The bureau, under Chopra’s stewardship, is reportedly likely to have an initial concentration on fair lending rules.