President Trump nominated Stuart Levenbach as the next director of the Consumer Financial Protection Bureau, choosing a person who has no banking or financial services experience to run a bureau that has been effectively inoperable since Trump was sworn into office.
Levenbach is currently an associate director inside the Office of Management and Budget, handling issues related to natural resources, energy, science and water issues. Levenbach’s resume shows significant experience dealing with science and natural resources issues, acting as chief of staff of the National Oceanic and Atmospheric Administration during Trump’s first term.
The CFPB has been nonfunctional much of the year. Many of its employees have been ordered not to work, and the only major work the bureau is doing is unwinding the regulations and rules it put into place during President Trump’s first term and during the Biden administration.
The bureau’s current acting director is Russell Vought, President Trump’s budget director and Levenbach’s boss. Under the Vacancies Act, Vought can only act as acting director for 210 days, but now that President Trump has nominated someone to the position, that clock has now been suspended until the Senate approves or denies Levenbach’s confirmation as director.
The bureau was created after the 2008 financial crisis as part of the Dodd-Frank Act, a law passed to overhaul the financial system and require banks to hold more capital to avoid another financial crisis. The CFPB was created to be a independent advocate for consumers to help them avoid bad actors in the financial system.
—Ken Sweet, AP business writer