Warren On New CFPB Leadership: It'll Change 'Every Calculation' For Banks

Warren On New CFPB Leadership: It'll Change 'Every Calculation' For Banks

The White House issued a statement hours after Cordray's resignation that noted the president "looks forward to seeing Director Mulvaney take a common sense approach to leading the CFPB's dedicated staff, an approach that will empower consumers to make their own financial decisions and facilitate investment in our communities".

English contends she's entitled to the job under the Dodd-Frank Wall Street reform law, which created the agency and states the deputy director must become acting director when the agency's top spot is vacant. The White House then named its own interim leader. Leandra English, Cordray's former chief of staff and chosen successor, emailed the staff to welcome them back to the agency after Thanksgiving, signing off as the acting director.

A memo from Mulvaney this morning directed rank and file CFPB staff to disregard directions and notify agency lawyers about any official directives from English. The second, President Donald Trump's choice, has called the agency a "joke", an example of bureaucracy run amok, and is expected to dismantle much of what the agency has done.

How did the Consumer Financial Protection Bureau come into being? Even the Justice Department's Office of Legal Counsel acknowledged, in its November 25 memo to White House Counsel Donald McGahn, that this language applies, conceding that "the resignation of the Director would satisfy the requirement of 'absence or unavailability.' Therefore, the statute would permit a properly appointed Deputy Director to serve as the Acting Director during a vacancy".

First, it is hard to see how Deputy Director English obtains an injunction, as a court could reasonably have doubts about both her likelihood of success on the merits, and her claim of irreparable harm (since she may not have a cognizable legal interest in running the agency).

White House budget boss Mick Mulvaney moved quickly Monday to rein in the Consumer Financial Protection Bureau, imposing a 30-day hiring freeze and other new rules as the fight over who's really in charge of the agency heads to court. "Financial Institutions have been devastated and unable to properly serve the public".

We'll report back if we find out who's in charge here.

Alabama Democrat shrugs off Trump's criticism
It ends with the line, "Will we make their abuser a USA senator?" It closed by naming two more of his accusers. President Donald Trump on Sunday issued his second tacit endorsement of Alabama Senate candidate Roy Moore .

But he added that the CFPB will meet any existing statutory or legal deadlines. But the White House, in naming Mulvaney the acting director, cited the Federal Vacancies Reform Act. Both the outgoing director, an appointee of President Barack Obama, as well as Trump selected a new head for the agency on Friday, and the standoff has led to a legal brouhaha over the CFPB's future.

Asked by reporters want Trump wants him to accomplish, Mulvaney said the president wants him to "fix it". "I will be here until the court or the president tells me otherwise". While the smoke still hasn't cleared over the situation, POLITICO obtained a memo wherein CFPB General Counsel Mary McLeod backed a Justice Department opinion that was issued over the weekend, throwing more weight behind the legitimacy of Mulvaney's appointment.

But he said the way the he and Trump run the CFPB will be "dramatically different" than how it was operated under former President Obama.

"Whether that is a good thing or not is a different calculation", she said.

Pelosi says in a statement that the White House wants "to put the ringleader of its risky, anti-consumer protection policies in charge" of the agency.

Hold up. What is the Consumer Financial Protection Bureau?

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