UNITED STATES - JULY 15: Consumer Financial Protection Bureau Director Richard Cordray testifies during the Senate Banking, Housing and Urban Affairs Committee hearing on the CFPB's semi-annual report to Congress on Wednesday, July 15, 2015. (Photo By Bill Clark/CQ Roll Call) (CQ Roll Call via AP Images)
Bill Clark/CQ Roll Call via AP
UNITED STATES - JULY 15: Consumer Financial Protection Bureau Director Richard Cordray testifies during the Senate Banking, Housing and Urban Affairs Committee hearing on the CFPB's semi-annual report to Congress on Wednesday, July 15, 2015. (Photo By Bill Clark/CQ Roll Call) (CQ Roll Call via AP Images)
Now playing
01:54
What you need to know about the CFPB
Pat Cipollone close up
Stein Mitchell Cipollone Beato & Missner LLP
Pat Cipollone close up
Now playing
02:10
Meet Trump's new White House counsel
John Bolton and John Kelly
Getty Images
John Bolton and John Kelly
Now playing
02:12
Bolton, Kelly get into heated shouting match
US President Donald Trump prepares to board Air Force One at Andrews Air Force Base in Maryland on October 1, 2018.
MANDEL NGAN/Getty Images
US President Donald Trump prepares to board Air Force One at Andrews Air Force Base in Maryland on October 1, 2018.
Now playing
02:35
Trump administration dismisses EPA scientists
Donald Trump welcomes retired United States Marine Corps general James Mattis as they pose for a photo before their meeting at Trump International Golf Club, November 19, 2016 in Bedminster Township, New Jersey.
Drew Angerer/Getty Images
Donald Trump welcomes retired United States Marine Corps general James Mattis as they pose for a photo before their meeting at Trump International Golf Club, November 19, 2016 in Bedminster Township, New Jersey.
Now playing
02:44
Trump: James Mattis is 'sort of a Democrat'
Now playing
01:27
Sanders: 'Sad' that op-ed is getting attention
Sonny Perdue, President TrumpÕs nominee to lead the Agriculture Department, takes his seat as he arrives for his confirmation hearing before the Senate Committee on Agriculture, Nutrition, and Forestry on Capitol Hill, March 23, 2017 in Washington. Previously, Perdue served as the governor of Gerogia from 2003 to 2011. (Photo by Drew Angerer/Getty Images)
Sonny Perdue, President TrumpÕs nominee to lead the Agriculture Department, takes his seat as he arrives for his confirmation hearing before the Senate Committee on Agriculture, Nutrition, and Forestry on Capitol Hill, March 23, 2017 in Washington. Previously, Perdue served as the governor of Gerogia from 2003 to 2011. (Photo by Drew Angerer/Getty Images)
Now playing
02:02
Emails reveal food lobbyist influence on USDA
US.President Donald Trump departs the White House July 31, 2018 in Washington, DC (Photo by Win McNamee/Getty Images)
Win McNamee/Getty Images
US.President Donald Trump departs the White House July 31, 2018 in Washington, DC (Photo by Win McNamee/Getty Images)
Now playing
02:03
Trump team suggests ACLU find deported parents
President Donald Trump speaks during a rally, Thursday, Aug. 2, 2018, at Mohegan Sun Arena at Casey Plaza in Wilkes Barre, Pa. (AP Photo/Matt Rourke)
Matt Rourke/AP
President Donald Trump speaks during a rally, Thursday, Aug. 2, 2018, at Mohegan Sun Arena at Casey Plaza in Wilkes Barre, Pa. (AP Photo/Matt Rourke)
Now playing
02:16
Trump slams probe 'hoax' despite intel warning
John Kelly answers questions during a press conference related to President Donald Trump's recent executive order concerning travel and refugees, January 31, 2017 in Washington, DC.
Drew Angerer/Getty Images
John Kelly answers questions during a press conference related to President Donald Trump's recent executive order concerning travel and refugees, January 31, 2017 in Washington, DC.
Now playing
00:57
Trump asked John Kelly to stay through 2020
US candidate to the head of International Organization for Migration (IOM) Ken Isaacs looks on during a press briefing on March 19, 2018 in Geneva.
Fabrice Coffrini/AFP/Getty Images
US candidate to the head of International Organization for Migration (IOM) Ken Isaacs looks on during a press briefing on March 19, 2018 in Geneva.
Now playing
00:32
Trump's pick for UN migration job voted down
Nicholas Kamm/AFP/Getty Images/File
Now playing
01:59
Trump appointee guts UN document on racism
Bill Shine, left, and President Donald Trump
Getty Images
Bill Shine, left, and President Donald Trump
Now playing
00:51
Former Fox News executive takes White House job
Vice President Mike Pence speaks at Las Vegas City Hall on October 7, 2017.
Ethan Miller/Getty
Vice President Mike Pence speaks at Las Vegas City Hall on October 7, 2017.
Now playing
02:34
Genealogist: Chain migration helped Pence family
getty images/dpa/ap
Now playing
02:57
Vets call on WH to fire aide over crude joke
White House Chief of Staff John Kelly awaits fthe start of a jobs creation pledge event in the East Room of the White House July 19, 2018 in Washington, DC. (BRENDAN SMIALOWSKI/AFP/Getty Images)
BRENDAN SMIALOWSKI/AFP/Getty Images
White House Chief of Staff John Kelly awaits fthe start of a jobs creation pledge event in the East Room of the White House July 19, 2018 in Washington, DC. (BRENDAN SMIALOWSKI/AFP/Getty Images)
Now playing
02:08
Kelly retracts comment Trump is 'embarrassed'
Washington CNN —  

President Donald Trump plans to nominate Office of Management and Budget official Kathy Kraninger to head the Consumer Financial Protection Bureau, the White House announced Saturday.

“The President intends to nominate Kathy Kraninger to be the next Director of the Bureau of Consumer Financial Protection,” White House deputy press secretary Lindsay Walters said in a statement.

If confirmed, Kraninger will replace Mick Mulvaney, who has been filling the job temporarily. Kraninger, who currently works under Mulvaney, is expected to face a tough Senate confirmation battle. Under Mulvaney, the bureau has undergone major changes opposed by Democrats and consumer advocates.

Walters added that Kraninger, an associate director at OMB, “will bring a fresh perspective and much-needed management experience to the BCFP, which has been plagued by excessive spending, dysfunctional operations, and politicized agendas. As a staunch supporter of free enterprise, she will continue the reforms of the Bureau initiated by Acting Director Mick Mulvaney, and ensure that consumers and markets are not harmed by fraudulent actors. The White House hopes that she will be promptly confirmed by the Senate.”

The CFPB, a government watchdog agency charged with consumer protection in the financial sector, was created after the financial crisis with the passage of the 2010 Dodd-Frank Act.

Last fall, a leadership showdown unfolded at the agency between Leandra English, whom the outgoing director, Obama appointee Richard Cordray, named to head the agency when he resigned from his position, and Mulvaney, whom Trump tapped to lead the agency shortly after Cordray’s move.

Mulvaney has defended his leadership at the CFPB – an agency he once referred to as a “joke” while serving as a Republican lawmaker – in the face of Democratic criticism.

“I have not burned the place down,” he said in April during a House committee hearing.

CNN’s Allie Malloy and Matt Egan contributed to this report