Mulvaney takes perch at CFPB amid legal challenge to his appointment

28 November, 2017, 01:43 | Author: Ellis Copeland
  • Director of the Consumer Financial Protection Bureau is more powerful than the president. The CFPB is out of control and its Director is abusing his authority. Learn more about their un American practices and what the President should do in respon

"The Consumer Financial Protection Bureau (CFPB) was created to make sure that the financial products and services that Americans depend on every day -including credit cards, mortgages, and loans-work better for the people who use them".

Under the explicit text of the 2010 Dodd-Frank financial reform act, which created the CFPB, Deputy Director Leandra English became CFPB's "acting Director" at midnight on November 24, when Director Richard Cordray resigned his post and thereby became "unavailable" within the meaning of the law's specific provision for that contingency that the Deputy Director will "serve as acting Director in the absence or unavailability of the Director".

One of the administration officials said Mulvaney was expected to start working Monday and that English was expected to also show up - but as deputy director.

But Trump named Mulvaney the head of the agency shortly after Cordray appointed English, signaling a showdown over who will take charge of the federal watchdog agency.

Mulvaney has in the past called the bureau "a sick, sad joke" that shouldn't exist.

Mulvaney took over the agency Monday morning, firing off a memo instructing staff to disregard directives from English. The White House responded forcefully by saying Mulvaney, now director of the Office of Management and Budget, would be the one in control until Trump decided on a permanent successor, whose confirmation could take months.

President Donald Trump's appointment of his budget director as interim director of a consumer financial protection agency championed by Democrats is being challenged in federal court.

How did the Consumer Financial Protection Bureau come into being?

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The president's pick for temporary appointee, Mick Mulvaney, had been widely anticipated. "I will follow the law", he said.

Meanwhile, President Trump has been very public about his dislike for the CFPB - he tweeted this weekend that it was a "disaster" and said that "financial institutions have been devastated".

We'll report back if we find out who's in charge here. So has legal counsel for the CFPB.

Rather than waiting for the courts to decide which interpretation of the rule is correct, however, both English and Mulvaney have gone on the offensive, with the former filing a lawsuit on Sunday evening to prevent Trump from appointing his pick to the agency's lead role, citing the Dodd-Frank provision in its arguments.

On Saturday morning, the White House defended Trump's choice of Mulvaney as the consumer agency's acting director, calling it a "typical, routine move".

"Even when the Vacancies Reform Act is not the "exclusive" means for filling a vacancy, the statute remains an available option, and the president may rely upon it in designating an acting official in a manner that differs from the order of succession otherwise provided by an office-specific statute", he wrote in a memo. "English and the CFPB staff can continue its successful run".

"Whether that is a good thing or not is a different calculation", she said. They view Mulvaney's appointment as something that the Justice Department, consumer agency lawyers and staff agree upon and expect a normal transition, the source said.

"He was also the original co-sponsor of a bill to completely eliminate the Consumer Bureau", she wrote, "and supported other legislation to harmfully roll back Wall Street reform".

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