President Trump Nominates Stuart Levenbach To Head CFPB

President Trump has nominated Stuart Levenbach, an Associate Director of the Office of Management and Budget, as CFPB director.

At OMB, Levenbach handles natural resources, energy, science, and water issues. During President Trump's first term, Levenbach was chief of staff of the National Oceanic and Atmospheric Administration.

Levenbach does not have a background in consumer finance and multiple news organizations have reported that Trump administration officials have said that the nomination was a technical move. It allows Russell Vought to stay as Acting Director of the Bureau.

Under the Federal Vacancies Reform Act, Vought could only serve as Acting Director for 210 days from May 12, 2025, the date that Russell McKernan's nomination was officially withdrawn. His term was set to expire next month. However, according to the Government Accountability Office, under the Act, once a person is nominated to fill the position, the acting director may serve while the nomination is pending in the Senate. Should that nomination be rejected, returned, or withdrawn, the acting director may continue to serve for an additional 210 days from the date of the rejection, return, or withdrawal.

Vought has said he expects the CFPB to fold in the next two or three months. Most recently, the Trump administration has told a federal court that the Bureau is running out of money, will run out of money in early 2026, and has no way to replenish its coffers. Under Section 1017 of Dodd-Frank, the CFPB is funded from the "combined earnings" of the Federal Reserve System. In the past, the Bureau has requested funds for the agency and the Fed has provided those funds. However, in a November 7 opinion interpreting Section 1017, the DOJ Office of Legal Counsel concluded that since the Federal Reserve System has no combined earnings, no funds are available for the Bureau.

Sen. Elizabeth Warren, (D-Mass.), attacked Levenbach's nomination.

"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," she said. "Instead of doing everything in their power to lower costs for Americans, Trump and Vought want to make it easier for giant corporations to scam families out of their money."

Consumer Bankers Association President and CEO Lindsey Johnson congratulated Levenbach.

"Congratulations to Stuart Levenbach for his nomination to serve as Director of the Consumer Financial Protection Bureau, which comes at a critical time for consumers and the financial services marketplace," Johnson said.

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