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President Donald Trump is considering naming Mick Mulvaney, currently the White House budget director, as interim head of the Consumer Financial Protection Bureau, a source confirmed to CNBC.
While the decision is not finalized, an announcement could come as early as Friday, the source said.
News about Mulvaney's possible appointment comes a day after Richard Cordray announced he will be stepping down from the position before the end of the month.
Mulvaney, 50, is a former congressman and state senator from South Carolina and is a favorite of the Republican tea party wing. He has headed OMB since Feb. 16.
Trump is seeking to remake the bureau as part of his effort to ease regulation in banking and business in general. He was a frequent critic of Cordray's, whose exit likely paves the way for a restructuring of the CFPB and a less centralized power structure.
Mulvaney likely will retain his OMB post and name a committee to run the CFPB, which was created as part of the post-financial crisis Dodd-Frank banking reforms.
Candidates under consideration for the full-time director's position include Todd Zwyicki from George Mason University, former congressman Randy Neubarger, former Fannie Mae general counsel Brian Brooks and Keith Noreika, acting comptroller of the currency, according to a Bloomberg report.
The White House did not return a request for comment.
— With reporting by Eamon Javers.