McWatters could be tapped as next CFPB head

With leadership in the Consumer Financial Protection Bureau taking a dramatic turn after longtime head Richard Cordray’s resignation, the new, permanent head may be a man who conversant with all things credit union. According to CU Journal, J. Mark McWatters, chairman of the National Credit Union Administration, is on the shortlist to potentially head the […]

With leadership in the Consumer Financial Protection Bureau taking a dramatic turn after longtime head Richard Cordray’s resignation, the new, permanent head may be a man who conversant with all things credit union. According to CU Journal, J. Mark McWatters, chairman of the National Credit Union Administration, is on the shortlist to potentially head the bureau, according to industry observers.

The move could help soften the sharp partisan fight that is brewing for whoever is tapped to take over the consumer agency — if President Trump ultimately chooses the credit union official.

“Other names that have been floated in recent weeks include Todd Zywicki, a law professor at George Mason University; Rep. Jeb Hensarling, R-Texas, who chairs the House Financial Services Committee; and Keith Noreika, the former acting comptroller of the currency. Whoever is named to take over the bureau will have wide latitude to reshape it.” Read the full article here.

 

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The League of Southeastern Credit Unions & Affiliates represents 342 credit unions in Alabama, Florida and Georgia, with a combined total of $118.63 billion in assets and more than 10.1 million members. LSCU & Affiliates provides legislative and regulatory advocacy; education and training; cooperative initiatives (including financial education outreach); public messaging; information services; and business solutions.

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