Potential Nominees Surface for BCFP Director Post

President Donald Trump is expected to nominate a BCFP Director by the end of the month.

6/13/2018 3:00 PM

Potential Nominees Surface for BCFP Director Post

As June 22 approaches, several names are being floated as possible nominees to lead the Bureau of Consumer Financial Protection, a role temporarily filled by Mick Mulvaney, who doubles as director of the Office of Management and Budget. Under the Federal Vacancies Act, Mulvaney's interim term expires June 22 unless a nominee has been selected.

President Trump, at press time, is reportedly considering J. Mark McWatters, a Republican and chairman of the National Credit Union Administration, to head the BCFP. McWatters, who reportedly supports the spirit of the president’s executive orders for deregulation, is a former aide to U.S. Rep. Jeb Hensarling, R-Texas.

On Thursday, Bloomberg reported that U.S. Rep. Darrell Issa, a California Republican who is not seeking re-election, is also on Trump’s short list. Issa is among legislators including Hensarling and U.S. Rep. Blaine Luetkemeyer, R-Mo., who have been vocal about ending Operation Choke Point, an Obama-era initiative that aimed to cut off banking services to certain industries deemed undesirable.

Aside from McWatters and Issa, another individual considered a contender for the top slot is Todd Zywicki, a well-known law professor at George Mason University and a scholar at the Mercatus Center, Bloomberg reported.

Zywicki, is the author of research publications including, “The CFPB's Arbitration Study: A Summary and Critique,” “The Consumer Financial Protection Bureau and the Return of Paternalistic Command-and-Control Regulation,” “The Consumer Financial Protection Bureau: Savior or Menace?” and several others, ACA International previously reported.

The Federal Vacancies Act allows Mulvaney to serve for 210 days—until June 22—unless the president nominates a permanent director before then. Then he will serve until the U.S. Senate confirms the nominee.

In a keynote presentation at ACA International’s Washington Insights Conference, Mulvaney indicated that he expects Trump to announce a nominee before June 22, a statement reiterated at a White House event recently, according to news reports.

Related Content from ACA International:

Nomination for Permanent CFPB Director Could Come in Early 2018

Mick Mulvaney Reflects on His Time –So Far—as BCFP Acting Director

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