Trump’s CFPB pick withdraws name amid disagreement on agency’s future

The Trump administration’s nominee to lead the Consumer Financial Protection Bureau has pulled out of his confirmation hearing planned for next week. The move comes amid disagreement over Republicans’ desire to reshape the agency…

Trump's CFPB pick withdraws name amid disagreement on agency's future

The Trump administration’s nominee to lead the Consumer Financial Protection Bureau has pulled out of his confirmation hearing planned for next week. The move comes amid disagreement over Republicans’ desire to reshape the agency from within.

On Wednesday, Hubert B. “Danny” Aguilar, former chief financial officer of the bank First Horizon National Corp., withdrew his name from consideration, according to congressional staff, citing family reasons.

President Trump announced his nominee for the post on Oct. 26 and said Aguilar’s background “fully supports my plan to restore and strengthen the accountability, independence, integrity, and integrity of the agency.”

Members of the GOP-controlled Congress had previously stated their desire to replace Director Richard Cordray, who in July became the bureau’s first permanent director in its almost-six-year history. Republicans also say the CFPB has been overstepping its authority.

According to their plan, Aguilar would have served as acting director while Trump pondered a replacement. They also wanted to weaken rules the bureau proposed after the recession when Congress ordered the agency to come up with recommendations on how to protect consumers from shoddy lending practices and the type of packaging of such mortgages called “securitization.”

The nominee would have been the first Latino and first openly gay chief of the CFPB.

A spokesman for the bureau declined to comment.

Aguilar, a Democrat, served as a senatorial appointee from Illinois.

A former Philadelphia deputy mayor, he joined First Horizon in 2007 after leading auto lender GMAC Financial Services.

While working at First Horizon, Aguilar was chairman of the board of the National Association of Hispanic Independent Financial Institutions, according to the North Carolina-based bank.

He has also served on the boards of non-profit institutions like Latino Health Access, a Washington, D.C.-based advocacy group for low-income Latino families.

While at First Horizon, he also has a number of links to special interests.

He served as a lead appointee to the Federal Deposit Insurance Corp., a federal financial regulator. In 2013, he joined the board of the Credit Union National Association, an association representing 80 credit unions.

He was also appointed by former Los Angeles Mayor Antonio Villaraigosa to the Board of the San Fernando Valley Economic Development Corp., a non-profit institution responsible for economic development in that area.

Throughout Aguilar’s career he has also worked for BlueCross BlueShield companies.

Aguilar’s withdrawal means the administration now has three nominees for CFPB chief: Lauren E. Foster, nominated to chair, Adena Friedman, nominated deputy director, and Alyce Oakes, nominated as associate director.

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