As many of you know, the CFPB is engulfed in a batshit power struggle after Richard Cordray ran away to join the OH political circus, giving The Trump White House a clear shot at doing its favorite thing: passively strangling a government agency to death by appointing an anathematic person to run it.
Consistent with my email from yesterday, please disregard any emails sent by, or instructions you receive from, Ms.
CFPB director Richard Cordray, a Democrat, stepped down on Friday and appointed his chief of staff, Leandra English, as deputy director, to allow her to take over the agency until a new director is appointed. The OLC reasons that even if the Dodd-Frank Act properly requires "good cause" for the President to remove a Director - an issue being litigated in the pending CFPB v. PHH case - such protection does not extend to an Acting Director.
Protestors outside the CFPB on Monday morning oppose Trump's appointment of Mick Mulvaney to temporarily lead the agency. He said he will spend three days a week at the CFPB. Elizabeth Warren of MA, the leading Democrats who sought to boost her bid to claim the top office.
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The White House brought doughnuts and diktats to an extraordinary public struggle for control of a banking watchdog on Monday as President Donald Trump's chosen lieutenant sought to wrest from Democratic hands an agency meant to protect consumers. The CFPB was created after the financial crisis to target unfair or abusive practices by financial institutuions offering consumer products, including credit cards, mortgages, and loans.
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The power struggle recalled a tussle for control of the Department of Justice in the first weeks of the Trump presidency and was being watched closely on Wall Street, where banks complain they have been strangled by the agency's red tape.
Mr. Mulvaney showed up for work at the CFPB's office in Washington early Monday determined to show he is in charge of the agency.
"I was working on an introductory email just now to thank all of you for the very smooth transition this morning as I assume the role of Acting Director; I hope to finish that email shortly", he wrote.
Shortly thereafter, CFPB General Counsel Mary McLeod circulated a memorandum to the CFPB's senior leadership taking the same position and advising "all Bureau personnel to act consistently with the understanding that Director Mulvaney is the Acting Director of the CFPB". Timothy Kelly, a Trump-appointed judge who is presiding over the case, said the issues raised were "extremely important and complicated".
In light of the foregoing, it still appears that the Mulvaney era at the Bureau will begin Monday, to be followed by a full five-year term for a new Director once she or he is confirmed by the Senate. She said that as deputy director, she became the acting director under the law and argued that the federal law the White House contends supports Trump's appointment of Mulvaney doesn't apply when another statute designates a successor.
Mulvaney spoke to reporters at the CFPB the end of the day, which included meetings with staffers and reviewing issues now facing the bureau. "It is unfortunate that Mr. Cordray chose to put his political ambition above the interests of consumers with this stunt".