Gary Cohn

President Trump is expected to announce as early as Thursday morning that he has selected Larry Kudlow, the host of CNBC's "The Kudlow Report," to replace Gary Cohn as head of the National Economic Council, according to multiple media reports.

As head of the National Economic Council, Gary Cohn played a key role in helping guide the Trump administration on its financial services policy, including on regulatory relief and housing finance reform. Institutions are anxiously watching to see who President Trump picks as Cohn's replacement.

The resignation of National Economic Council Director Gary Cohn costs banks a top ally in the Trump administration and will likely further slow agency appointments.

President Trump said Tuesday that he has winnowed the number of candidates for the next Fed chair, including potentially reappointing Janet Yellen.

Company is third fintech firm in the past few months to seek its own bank charter; vice chair’s departure gives Trump four vacancies to fill on the Federal Reserve Board.