Two Senior CFPB Officials Announce Departures

A pair of senior leaders from the Consumer Financial Protection Bureau are departing in the coming weeks, according to published media reports. Bryan Schneider, the Associate Director of the Bureau’s Supervision, Enforcement, and Fair Lending Division is leaving the regulator and Peggy Twohig, the Assistant Director for Supervision Policy, has announced her retirement.

Schneider will be departing the CFPB on July 1 while Twohig’s retirement date was not immediately known. Schneider has worked at the Bureau for nearly two years, joining while former Director Kathy Kraninger was in charge, while Twohig has been at the CFPB since before it became an official agency, joining the agency 10 years ago. Prior to joining the CFPB, Schneider was Secretary of the Illinois Department of Financial and Professional Regulation. He also spent 15 years working at Walgreen Co. Twohig, who reported to Schneider, previously worked at the Treasury Department and the Federal Trade Commission and has spent most of her career in public service.

The departures of two senior Bureau staffers comes as the CFPB is still waiting for a new permanent director. Rohit Chopra, a commissioner at the Federal Trade Commission, has been nominated by President Joe Biden to lead the agency, and has been confirmed by the Senate Banking Committee, but his nomination has not yet come before the full Senate for a vote, because many have posited that the administration needs to replace Chopra at the CTC before he can leave to join the CFPB. The CFPB is being helmed by Acting Director Dave Uejio.

Both Schneider and Twohig were part of an announced reorganization within the Bureau last year that would have restructured the CFPB’s supervision and enforcement units, but that was abandoned after employees at the Bureau pushed back against the changes.

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