House Financial Services Chairman Jeb Hensarling (R-Texas) is encouraging President Trump to nominate NCUA Chairman J. Mark McWatters as the next CFPB director.

"As someone who has known Mark McWatters for years and who is keenly aware of the challenges and threats that abound at the CFPB, I can think of few better equipped to serve as its director," Hensarling said. "Having worked closely with Mark in the past, I know him to be incredibly smart, a real free market conservative and an effective reformer. Mark has my utmost confidence and I encourage President Trump to nominate him."

Hensarling, who is retiring from the House, has been mentioned as a possible CFPB director to replace Richard Cordray, who resigned to run for Ohio governor. Trump selected Office of Management and Budget Director Mick Mulvaney as the acting director, although that appointment is being challenged in federal court.