The President has a short list of names to be the next permanent director of the Consumer Financial Protection Bureau and could name a new replacement as soon as next month, according to a published report.
The three names being circulated as potential successors to Richard Cordray are:
- Rep. Jeb Hensarling [R-Texas], the current chairman of the House Financial Services Committee
- Todd Zywicki, a law professor at George Mason University
- Keith Noreika, the former acting Comptroller of the Currency
All three individuals have been fierce critics of the CFPB. Rep. Hensarling has gone as far as to introduce legislation that would dramatically alter the leadership structure of the CFPB and significantly reduce its regulatory authority.
“We are moving very quickly,” said an official in the Trump administration, in a published report. “We’ve had several names of people under consideration. But because we didn’t know exactly when Director Cordray was going to step down we couldn’t begin the clearance process.”
Anyone selected by President Trump to be the next head of the CFPB will likely not be endorsed by Democrats, consumer advocates, or civil rights groups. Rather than make huge changes, it is expected that any rollbacks in regulations will be more “targeted,” such as the lawsuit against student loan servicer Navient, although the report said: “Regulations governing debt collectors and overdraft fees are in the works and could be delayed or abandoned.”
