“Donald Trump’s sending the Senate a new nominee to lead the CFPB looks like nothing more than a front for Russ Vought to stay on as Acting Director indefinitely as he tries to illegally close down the agency,” Sen. Elizabeth Warren (D-Mass.) said in a statement.
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.
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. 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.
Levenbach’s social media pages highlight his position as vice chair of the National Capital Planning Commission and his previous senior roles at the National Oceanic and Atmospheric Administration (NOAA). His role at the OMB has been as associate director for natural resources, energy, science and water.
In a statement, Consumer Bankers Association (CBA) president and CEO Lindsey Johnson said the nomination comes “at a critical time for consumers and the financial services marketplace.”
“America’s leading Main Street banks look forward to continuing to work with the Trump Administration on data-driven, pro-growth policies that will support hardworking Americans and drive the economy forward, while at the same time ensuring the Bureau fulfills its statutory mission and sticks to what Congress authorized it to do,” Johnson said.
“This will not only help restore the trust and credibility of the CFPB, but will benefit consumers, industry, and the broader economy alike.”
