As the Consumer Financial Protection Bureau made temporary adjustments to fill the role of its deputy director who resigned last week, a pair of Texas lawmakers introduced a proposal to eliminate the CFPB altogether.

With deputy director Steve Antonakes departing the agency at the end of July, stepping in to serve as the acting deputy director is Meredith Fuchs, who also relayed intentions to leave the CFPB.

Earlier this month, Fuchs announced her intention to step down as general counsel, but she will continue to serve as general counsel and acting deputy director until a permanent replacement is selected for each position.

Meanwhile, Antonakes also was the associate director for the division of supervision, enforcement, and fair lending. Taking on the role on an interim basis is David Bleicken, who is the deputy associate director for supervision, enforcement, and fair lending

“Steve has been an enormous asset to the bureau, and a great friend and colleague to me since the early days of the agency,” CFPB director Richard Cordray said. “His contributions to this agency have been extensive in his dual roles as deputy director and associate director of supervision, enforcement, and fair lending and he will be sorely missed.

Meredith’s experience and vision have helped build the bureau since before we opened our doors, and I could not be more pleased that she has agreed to take on the role of acting deputy director,” Cordray continued. “I am deeply grateful to Steve and Meredith for their contributions to the CFPB and the American public we serve.”

Fuchs joined the bureau in 2011 as principal deputy general counsel before serving as chief of staff to Cordray. Prior to joining the CFPB, she served as chief investigative counsel of the U.S. House Committee on Energy and Commerce.

Previously, Fuchs held positions as vice president and general counsel of the National Security Archive at George Washington University, a litigation partner in private practice, the Supreme Court assistance project fellow at the Public Citizen Litigation Group, and an officer on the D.C. Bar Board of Governors.

Bleicken came on board with the CFPB in June 2011 as counsel to Antonakes in his capacity as assistant director for large bank supervision.

Prior to that point, Bleicken was the deputy secretary of banking for non-depository institutions and consumer services at what is now known as the Pennsylvania Department of Banking and Securities.

Newest bill introduction

Meanwhile, if Sen. Ted Cruz and Rep. John Ratcliffe get their bill passed all the through Congress, the CFPB will be dissolved.

Both Cruz and Ratcliffe expressed their disdain for how the CFPB operates, prompting them to introduce this measure at the same time the bureau turned 4-years old.

“Don’t let the name fool you, the Consumer Financial Protection Bureau does little to protect consumers. The agency continues to grow in power and magnitude without any accountability to Congress and the people. The only way to stop this runaway agency is by eliminating it altogether,” Cruz said.

“The legislation that Rep. Ratcliffe and I are introducing today gives Congress the opportunity to free consumers and small businesses from the CFPB’s regulatory blockades and financial activism, which stunt economic growth,” Cruz continued.

“While there’s much more to do to scale back the harmful regulatory impositions of Dodd-Frank, this legislation takes a critical step in the right direction. So today let's celebrate the CFPB’s fourth and final anniversary,” Cruz went on to say.

Ratcliffe rattled off several points, too, where he believes the CFPB has done more harm than good.

“The CFPB's regulatory zeal has stripped American consumers and businesses of their freedom of choice and has limited their access to capital — all in the name of a ‘we-know-best’ attitude from Washington,” Ratcliffe said.

“It seems like every time I go home to Texas and spend time with people across our district, I hear stories about community banks having to choose between closing their doors or consolidating into larger institutions to handle the increase in compliance costs," he continued.

“I hear from businesses forced to spend more time on unnecessary regulatory compliance paperwork than helping serve their customers, and financial institutions that have stopped providing certain basic financial services out of fear of retaliation from the CFPB,” Ratcliffe went on to say.

“I'm grateful to be able to introduce this bill with 46 of my House colleagues in conjunction with Senator Cruz. The CFPB represents exactly what President Reagan warned of — a government smothering opportunity rather than fostering it. We must eliminate the CFPB,” Ratcliffe added.