Prior to his inauguration, President Donald Trump began assembling “agency landing teams” for the myriad federal agencies to promote a smooth transition as power changes hands from one president to the next. The Trump administration has named four members of the landing team for the CFPB.
In November, Paul Atkins was named to the CFPB landing team. He also serves on the transition teams of the FDIC, FTC and the OCC. Atkins is CEO of Patomak Global Partners LLC, a consultancy he founded in 2009 to provide regulatory, policy, political and legal expertise, according to the company’s Website. From 2002 to 2008, he served as a commissioner of the SEC.
The administration’s Website listing members of agency landing teams includes three additional members on the CFPB team as of Jan. 19:
- Kyle Hauptman is executive director at Main Street Growth Project (MSGP), a nonpartisan, organization that helps small businesses by educating Americans about the operation and regulation of financial markets, according to the company Website. He also is a member of the SEC’s Advisory Committee on Small and Emerging Companies.
- Consuala “CJ” Jordan is president and CEO of the Jordan Management Group LLC, a government relations and public affairs company, specializing in business development. She’s also senior vice president of government affairs and communications for Steptoe Group LLC, a management and technical services provider.
- Julie B. Lindsay is managing director and general counsel of capital markets and corporate reporting at Citigroup Inc.
While the landing teams’ duties are essentially information gathering, Trump appears poised to make some changes to the CFPB, starting at the top. He met with former U.S. Rep. Randy Neugebauer, a republican from Texas, on Jan. 11, and he is considered to be in the running to lead the bureau, a position currently held by Director Richard Cordray.
The issue of whether Trump could replace Cordray outright is in the hands of the court. The CFPB has filed a motion for a rehearing before the entire appellate court after a three-judge panel of the D.C. Circuit Court of Appeals determined in October that the structure of the bureau is unconstitutional because it’s an independent agency led by a single director who can only be removed by the president for just cause. Although the court of appeals declared the CFPB’s structure unconstitutional, it allowed the agency to continue operating with the proviso that Cordray can be removed by the president at will.
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