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Report: NCUA's McWatters on shortlist for CFPB director

The shortlist of candidates for Consumer Financial Protection Bureau director includes the National Credit Union Administration's J. Mark McWatters, American Banker reported Dec. 28, citing "industry observers."

President Donald Trump named McWatters chairman of the NCUA in June. Since then, the regulator has pushed to keep big credit unions out of the CFPB's jurisdiction, proposed reductions in headcount and branches, and moved to let institutions conduct their own stress tests.

The NCUA has two of three board seats filled, occupied by McWatters and Rick Metsger. The latter's term expired in August, and he is waiting for his replacement to be confirmed.

The CFPB is currently being led by acting Director Mick Mulvaney, who is also director of the White House Office of Management and Budget.