The Trump administration is expected to name Mick Mulvaney, the White House budget director, as the acting head of the Consumer Financial Protection Bureau, a regulator that has emerged as one of the most aggressive banking watchdogs, according to an administration official.
Mr. Mulvaney — who as a Republican congressman was the co-sponsor of legislation to shut down the consumer bureau — is expected to remain in his position at the Office of Management and Budget and oversee both agencies until a permanent director of the consumer agency is approved, said the official, who requested anonymity because the decision had not yet been made public.
Mr. Mulvaney replaces Richard Cordray, who said on Wednesday that he would step down from his position later this month.
Mr. Cordray, a Democrat appointed by President Barack Obama, served as the bureau’s first director. During his tenure, the agency gained a reputation as an active watchdog for the financial rights of consumers. The agency’s actions drew resistance from Republicans, who viewed it as overly aggressive.
Before Mr. Mulvaney arrived at the Office of Management and Budget, where he is responsible for guiding the president’s spending requests through Congress, he was a conservative House Republican, representing South Carolina. He is known in Washington as a fiscal hawk.
With a new director of the consumer agency, President Trump will be free to make major changes, just as he has done at other federal regulators. Many of those are now run by former industry executives.