Paoletta is new CFPB acting director

Mark Paoletta became the acting director of the Consumer Financial Protection Bureau after acting director Russell Vought’s term expired over the weekend, according to American Banker.

Paoletta is general counsel at OMB and served as second-in-command at the bureau under Vought. Vought, the director of the Office of Management and Budget, has served as acting director of the bureau since President Trump fired former Director Rohit Chopra last year. Vought’s term expired on Saturday, leaving Paoletta as the acting director.

President Trump has nominated former CFPB official Brian Johnson to lead the agency. The Senate Banking Committee held a July hearing on Johnson’s nomination but has not yet voted on it.