Top FHA Official Transitioning To The CFPB: Report

Posted by Patrick Barnard on August 18, 2014 No Comments
Categories : Required Reading

Patricia McClung is reportedly leaving her post as single-family housing policy advisor at the U.S. Department of Housing and Urban Development (HUD) to become assistant director for mortgage markets at the Consumer Financial Protection Bureau (CFPB).

As per a report on Politico, McClung will replace Peter Carroll, one of the chief architects of the CFPB's qualified mortgage rule. Carroll left the CFPB to join Wells Fargo in March.

McClung will start in her new position at the CFPB in about a month, according to the report, which cites anonymous sources.

Last week, it was announced that Carol Galante is stepping down as commissioner of the Federal Housing Administration this fall so that she can take a professorship at the University of California, Berkeley.

Meanwhile, HUD – which is now under the leadership of its new secretary, Julian Castrohas announced that it is ramping up its hiring, with an aim of adding about 1,000 new positions across the country by the end of this year.

According to a report in the Washington Post, the agency has already filled about 480 of the new positions. The agency currently has about 8,000 federal employees, according to the report.

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