As she moves closer to Senate approval as head of the Consumer Financial Protection Bureau, Kathy Kraninger is still somewhat of a mystery to the agency and industry she would oversee.

Now a senior official at the Office of Management and Budget, Kraninger has signaled that she favors a pro-free-market, limited government approach to regulation and will hew closely to the vision of her boss Mick Mulvaney, the acting CFPB director who also heads the OMB.

But unlike Mulvaney — who before running the CFPB referred to the bureau as a "sick, sad joke" — Kraninger is not linked with such rhetoric, making her views about the agency uncertain.

Her lack of experience on consumer protection issues raises questions about where she would come down on key policy initiatives, such as pending changes to the CFPB's payday lending rule and a program initiated by Mulvaney to review and revamp the agency's processes.

Read more in American Banker.