Acting CFPB Director May Serve Until the End of 2018, or Beyond

May 10, 2018 | News

American Banker is reporting that the White House would like acting CFPB director Mick Mulvaney, who also heads the Office of Management and Budget, to remain in his post atop the consumer protection agency at least until the end of the year.

Under the Federal Vacancies Reform Act, Mulvaney’s temporary appointment is limited to six months, unless a permanent successor is nominated. In that situation, the acting director can stay in office as long as the permanent nominee is pending before Congress.

The deadline for Mulvaney’s temporary appointment will come at the end of June, and sources tell American Banker that President Trump intends to nominate J. Mark McWatters, the chairman of the National Credit Union Administration, as his CFPB nominee around June 22. Should these sources prove inaccurate, Mulvaney could face legal challenges to his authority with regard to the Bureau.

If the Senate is unable to quickly confirm McWatters, that would leave Mulvaney atop the agency for the time being. If the Senate fails to confirm the new appointee and changes party control after the 2018 election in November, the White House may need to come up with a different plan as Democratic members would gain significant leverage with newfound control over the confirmation process.

President Trump chose Mulvaney to lead the Bureau after former director Richard Cordray resigned to run for governor of Ohio.

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