Trump to name nominee to steer U.S. lending watchdog next week


Mulvaney has directed Bureau of Consumer Financial Protection staff to propose cuts that would reduce the agency’s budget by 20 percent.

WASHINGTON — President Donald Trump has been reviewing a handful of potential nominees to lead the Bureau of Consumer Financial Protection and his final pick will be named next week, a top U.S. official said on Tuesday.

The law requires Trump to formally nominate someone to lead the bureau by the end of the month and he will keep that schedule, said Mick Mulvaney, who has led the agency on an interim basis since November.

“The permanent person is going to be named probably mid- to late next week,” Mulvaney told reporters on Tuesday.

Trump met with at least one finalist for the post in recent days, said Mulvaney, who also serves as Trump’s budget chief.

Rep. Darrell Issa, R-Calif., is among the candidates who have been discussed as Trump gets closer to naming someone to run the bureau, Bloomberg reported, citing people familiar with the matter.

J. Mark McWatters, a credit union regulator and former congressional staffer, is another top candidate, Bloomberg also reported, citing people familiar with the matter.

McWatters is the chairman of the National Credit Union Administration and a former adviser to Representative Jeb Hensarling of Texas. McWatters is considered to be a more moderate choice than others who have been under consideration, such as Todd Zywicki, a George Mason University law professor and a scholar at the conservative Mercatus Center.

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