The Consumer Financial Protection Bureau (CFPB) is on pace to have its second full-time director after Kathy Kraninger's nomination cleared a key procedural hurdle in the Senate on Nov. 29.

The move set up a final vote no earlier than Dec. 4, which is all but assured of sending the associate director at the Office of Management and Budget to the director's chair.

What will the second full-time CFPB director mean for the industry? Read on to find out more.