The administration is said to have compiled a list of potential directors, but it could take months before a permanent appointment
President Donald Trump is considering Office of Management and Budget Director Mick Mulvaney as interim director of the Consumer Financial Protection Bureau after Richard Cordray steps down by the end of November, Bloomberg reported, citing two people familiar with the matter.
Mulvaney, who once called the CFPB “a sad, sick joke,” is expected to appoint another person or a team for the day-to-day operations of the CFPB, according to one of the sources.
Trump has also considered Treasury Secretary Steven Mnuchin for the temporary post, said one source.
Federal law allows the president to designate an officer who has already won Senate approval to temporarily replace an outgoing director.
According to people familiar with the matter, the White House has already compiled a list of possible successors to Cordray in anticipation of his departure. The people said Mulvaney has been heavily involved in discussions about a plan to revamp the CFPB.
For a permanent appointment to the CFPB post, the Trump administration is considering Todd Zwyicki from George Mason University’s Mercatus Center; former congressman Randy Neugebauer; former Fannie Mae general counsel Brian Brooks; and Keith Noreika, the acting head of the Office Comptroller of the Currency.
Sources said Brooks and Noreika have previously indicated that they are not interested in the post, according to Bloomberg.
The Trump administration is also looking at Republicans who previously served as state attorneys general or those with finance industry experience for the role.
Bloomberg said it could take months before Trump nominates a replacement, which is subject to Senate confirmation.
Related stories:
Cordray to resign from CFPB
Cordray cleared of Hatch Act violations
Mulvaney, who once called the CFPB “a sad, sick joke,” is expected to appoint another person or a team for the day-to-day operations of the CFPB, according to one of the sources.
Trump has also considered Treasury Secretary Steven Mnuchin for the temporary post, said one source.
Federal law allows the president to designate an officer who has already won Senate approval to temporarily replace an outgoing director.
According to people familiar with the matter, the White House has already compiled a list of possible successors to Cordray in anticipation of his departure. The people said Mulvaney has been heavily involved in discussions about a plan to revamp the CFPB.
For a permanent appointment to the CFPB post, the Trump administration is considering Todd Zwyicki from George Mason University’s Mercatus Center; former congressman Randy Neugebauer; former Fannie Mae general counsel Brian Brooks; and Keith Noreika, the acting head of the Office Comptroller of the Currency.
Sources said Brooks and Noreika have previously indicated that they are not interested in the post, according to Bloomberg.
The Trump administration is also looking at Republicans who previously served as state attorneys general or those with finance industry experience for the role.
Bloomberg said it could take months before Trump nominates a replacement, which is subject to Senate confirmation.
Related stories:
Cordray to resign from CFPB
Cordray cleared of Hatch Act violations
