President Donald Trump will likely nominate Kathy Kraninger to head the Consumer Financial Protection Bureau. She currently serves as associate director at the Office of Management and Budget.
Kraninger would replace current CFPB Acting Director Mick Mulvaney. A White House spokesperson confirmed Saturday that Kraninger is Mulvaney's recommendation.
But the White House says, "She will bring a fresh perspective and much-needed management experience."
The CFPB was created under the Obama administration to fight abusive practices by banks and other financial companies.
Additional reporting by Newsy affiliate CNN.