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CFPB Director Kathy Kraninger resigned from her position Wednesday. President Joe Biden recently announced his intent to nominate Rohit Chopra, a commissioner at the Federal Trade Commission (FTC), to lead the bureau.

"NAFCU thanks Director Kraninger for her leadership at the CFPB and commitment to strengthening the financial services system," said NAFCU President and CEO Dan Berger. "We appreciate her receptiveness to hearing credit unions' perspective during her tenure, taking several of our concerns into consideration in the bureau's regulatory efforts, and support for the industry's mission to provide safe, affordable financial products and services to its 123 million members. We will continue to work closely with the bureau as credit unions' voice at the federal level."

Kraninger has served as director at the CFPB since December 2018 and announced her resignation following Biden's inauguration. In her resignation letter, she noted her support for "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 as expressed in presidential elections."

The U.S. Supreme Court last year determined that the bureau's single-director structure was unconstitutional, but the bureau could continue to operate so long as the director is subject to removal by the president at will.