So says Victoria Finkle in the American Banker. Other names reportedly on the list are House Financial Services Chair Jeb Hensarling, GMU professor Todd Zwyicki, and Keith Norieka, the former acting head of the OCC who threw a monkey wrench into the CFPB's doomed arbitration rule. McWatters currently helms the National Credit Union Administration, and was confirmed by the Senate for that position. When it comes to regulatory capture, the article contains a particularly interesting paragraph:
[McWatters's] nomination may draw opposition from banking groups, however, which are concerned with how close the NCUA is to the industry it regulates. Bankers frequently complain that the agency is not tough enough on credit unions.
As for McWatters's interactions with the CFPB, the article explains:
He asked the consumer agency in May to exempt credit unions from expanded data collection and reporting requirements issued under the Home Mortgage Disclosure Act and to clarify the agency’s authority to oversee unfair, deceptive and abusive acts. In July, he requested that the consumer agency drop examination and enforcement for the largest credit unions.
