J. Mark McWatters, chairman of the National Credit Union Association Photographer: Andrew Harrer/Bloomberg
NCUA Chairman J. Mark McWatters is out of the running for director of the CFPB, sources confirmed to CU Times Wednesday afternoon.
McWatters had been mentioned as a potential candidate for the job to replace Acting Director Mick Mulvaney. For now, McWatters will remain on the the NCUA board.
Earlier this week, Mulvaney said that Trump will announce his selection mid-to-late next week. Under federal law, Mulvaney's term as CFPB acting director expires June 22, unless a nomination is pending in the Senate.
Mulvaney would be able to serve until a nominee is confirmed, but the nomination and Mulvaney's term as acting director will expire at the end of the year.
According to sources, other potential candidates for the CFPB leadership role include: Todd J. Zywicki, a professor at the Antonin Scalia Law School at George Mason University and retiring Rep. Darrell Issa (R-Calif.).
CU Times will update this story as more information becomes available.
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