Budget Director Mick Mulvaney has proven he is capable of taking on the most difficult tasks when asked to do so by the president. While putting together the federal budget he has multi-tasked by also serving as the acting director of the CFPB. In that position he has moved the agency forward with positive and needed changes. His accomplishments in both arenas lend credence to the saying, "If you want something done, give it to a busy person to do it."
Director Mulvaney has been able to serve as head of the CFPB because of a federal statute that allows the president to appoint a Senate-confirmed individual to temporarily assume a position when the head of an agency has left. Such an appointment has a limited term and the end of that term is fast approaching. Mulvaney has put the CFPB on its proper course but now it's time for a change.
Now is the time for President Trump to complete another step in his overhaul of the financial services regulatory system. He needs to nominate someone who can continue to move forward the progressive agenda Director Mulvaney has put in place. The best person is someone already under consideration and very capable to lead the CFPB.
Mark McWatters has served on the board of the NCUA since August 2014 and as its chairman since January 2017. He has been outspoken on issues he believes would curtail the ability of credit unions to serve their members and provide needed financial services. He has been progressive in moving forward the president's agenda of less regulation, reduced government spending and greater agency efficiency.
McWatters also understands the overall structure and operation of the financial services industry. Prior to joining the NCUA he served on the Troubled Asset Relief Program Congressional Oversight Panel. He also was counsel to Congressman Jeb Hensarling, the most active member of the House pushing for regulatory reform in his position as chairman of the Financial Services Committee. In addition, McWatters has the formal education to serve as CFPB director. As an attorney and CPA, he has a good perspective of the law and its application. As an educator at Southern Methodist University he brings the additional skills of research and analysis learned in the academic arena.
A McWatters nomination and subsequent Senate confirmation will put the CFPB leadership in the hands of someone who has knowledge of the issues, is familiar with the territory, has the capability of putting forward a progressive agenda and is able to hit the ground running.
It's time for a permanent director at the CFPB and that person should be Mark McWatters.
Michael Fryzel is a Chicago-based attorney and former chairman of the NCUA board. He can be reached at [email protected].
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