Mortgage

CFPB consultant is known as No. 2 of the company: Sources

Republican political advisor to the Consumer Financial Protection Bureau, who led key regulatory efforts at the agency, is named deputy director, Tom Pahl.

Pahl, a former longtime regulator at the Federal Trade Commission, was the deputy director of the Research, Markets and Regulatory Office for two years. The political position was created in 2017 by former incumbent CFPB director Mick Mulvaney, who staffed the agency with several political representatives.

Pahl would succeed Brian Johnson as CFPB number 2 under director Kathy Kraninger. Johnson left the office in early March to partner with Alston & Bird.

Leonard Chanin, the deputy chairman of Federal Deposit Insurance Corp., Jelena McWilliams, was a part-time CFPB deputy director. But he ended his tenure at CFPB last month and has returned to FDIC full-time, sources said.

As deputy director, Pahl would become an official instead of a political representative. He is in his second stint at CFPB after having worked as Managing Counsel in the agency's regulatory office under former CFPB director Richard Cordray for almost four years.

Pahl spent more than two decades with the Federal Trade Commission. Before rejoining the CFPB, Pahl was appointed acting director of the FTC's Consumer Protection Bureau in 2017. He was also a partner in the Arnall Golden Gregory LLP law firm.

Related Articles