OMB Head Mulvaney Expected to Lead CFPB for the Interim

With the recent news that current Consumer Financial Protection Bureau (CFPB) Director Richard Cordray will step down by the end of the month, the Trump Administration is rumored to be considering Office of Management and Budget (OMB) Director Mick Mulvaney to manage the CFPB for the interim until a permanent director can be confirmed. Since he was already confirmed by the Senate for his position with OMB, Mulvaney would not require another confirmation and could assume the interim director role at the Bureau immediately.

Like many of Trump’s picks, Mulvaney is a long time critic of the agency he could be leading in a few weeks. In an interview when he represented South Carolina in the House, Mulvaney referred to the CFPB as a “sick, sad joke.” He even once questioned the benefit of the CFPB’s existence.

Regardless of past statements, Mulvaney would simply be a caretaker until a permanent replacement is found. The list of potential successors for Cordray includes the Vice-President’s chief economist, the Acting Comptroller of the Currency, and a few former Congressmen. President Trump has struggled thus far in filling senior positions within his administration, so Mulvaney may get an opportunity to begin reshaping the Bureau. But if Acting Comptroller Keith Noreika is any indication, an interim title is not a roadblock to advancing a new agency agenda.