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According to an American Banker article published Tuesday, President Donald Trump is expected to nominate current NCUA Chairman J. Mark McWatters to lead the CFPB.

American Banker says, according to its sources, McWatters will be nominated closer to June 22.

McWatters has served on the NCUA Board since 2014 and was designated by Trump to serve as chairman in June 2017. McWatters currently serves on the Treasury Department's Financial Stability Oversight Council and, prior to joining the NCUA Board, had served as a member of the Troubled Asset Relief Program Congressional Oversight Panel.

Should McWatters be confirmed as CFPB director, Rick Metsger will be the only member of the NCUA's three-member board. Metsger's term expired last year, but he has indicated he will serve until Trump nominates his replacement.

NAFCU continues to advocate for priorities that would lead to a healthy and appropriate regulatory environment for credit unions and will monitor this situation.