"The Federal Vacancies Reform Act allows an individual to serve as an acting agency head for only 210 days, after which a presidential nomination and Senate confirmation are required. But the time limit is extended once the president submits a nomination for the position. In Vought's case he's also the head of the OMB and was appointed to the CFPB post in early February about three weeks remain before the 210-day limit expires."
"The agency has faced significant upheaval since February. Trump dismissed Chopra, appointed Treasury Secretary Scott Bessent as acting director and nominated Jonathan McKernan as permanent director. But McKernan was instead confirmed in October as undersecretary for domestic finance at the U.S. Department of the Treasury. Under Vought, the CFPB has suspended much of its work and is now engaged in a legal effort to fire 90% of its staff."
"Trump's nomination submission states that Levenbach would replace Rohit Chopra for a five-year term. The Senate Committee on Banking, Housing and Urban Affairs has received the nomination. Recently, the Trump administration argued in a court filing that the CFPB's funding structure is unlawful and that the agency cannot legally request funds from the Federal Reserve under the Dodd-Frank Act. The agency has faced significant upheaval since February."
A White House nomination of Levenbach to lead the CFPB coincides with efforts to keep Russ Vought serving as Acting Director beyond the Federal Vacancies Reform Act's 210-day limit. The Vacancies Reform Act limits acting service to 210 days, but that clock is extended once a nomination is submitted; Vought was appointed in early February and faces the approaching deadline. The nomination states Levenbach would replace Rohit Chopra for a five-year term and has been sent to the Senate Banking Committee. The administration has challenged the CFPB's Dodd-Frank funding structure in court. Since February the agency has undergone leadership upheaval, suspended much work under Vought, and pursued large staff reductions, while Levenbach's background includes senior NOAA and OMB roles.
Read at www.housingwire.com
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