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New BCFP Director Expected to be Named Next Week

President Trump is planning on naming the next permanent director of the Bureau of Consumer Financial Protection before the end of next week, acting director Mick Mulvaney said yesterday. Even though the White House will nominate someone to be the next director, it will likely be months before that individual is confirmed, and Mulvaney said he expects to remain in the job until late this year.

Mulvaney was named acting director on Nov. 25, following the resignation of former director Richard Cordray. Under the Federal Vacancy Reform Act, Mulvaney — who is also director of the White House Office of Management & Budget — can remain acting director for 210 days. The 210 days expires on June 22, a week from this Friday.

President Trump met with a candidate for the director’s job last week, Mulvaney said, although he admitted he did not know who that individual was. J. Mark McWatters, the head of the National Credit Union Administration, has long been considered the front-runner for the job. A new name, Rep. Darrell Issa [R-Calif.], was floated yesterday as a possible candidate. Rep. Issa is not running for re-election this November.

Mulvaney also announced yesterday that he has asked staff within the BCFP to submit budget proposals for the next fiscal year that reduce spending by 20%. While not seeking to reduce staff, Mulvaney is intent on reducing expenses, likely within the area of travel, according to a published report.

 

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