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.

Watch Ole Miss team find out Matt Luke's interim tag was lifted
So when Luke's interim tag was lifted and the team was informed during a meeting Monday night, it was a special moment. Now, with a 6-6 record and no football left to build a resume on Matt Luke's days as an interim head coach are over.

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?

Related Articles

  • Brad Faxon on Tiger Woods,

    Brad Faxon on Tiger Woods, "I witnessed first-hand what Fowler saw"

    Whether it was hard and fast, to hold it up into the wind, or soft, or going at it a little steeper in the bunkers. I am stiffer [due to his lower back being fused].
    The Parks Mall at Arlington closes after shooting

    The Parks Mall at Arlington closes after shooting

    A police officer shot and wounded a man suspected of stealing from a store at The Parks at Arlington mall Sunday afternoon . The department's Chris Cook said it's too hard for an officer to differentiate a real versus a fake gun during a pursuit.
    Infiniti QX50 Gets Fancy Variable Compression Engine

    Infiniti QX50 Gets Fancy Variable Compression Engine

    The 2018 Infiniti QX50 has been revealed in a single image ahead of its debut at the Los Angeles motor show next week. The new QX50 will come with Nissan's ProPILOT driver assistance technology, as seen on the latest Nissan Leaf .
  • Melania Trump reveals lavish White House Christmas decorations

    Melania Trump reveals lavish White House Christmas decorations

    While promoting her book Raising Trump , she was quoted as saying: "I'm basically first Trump wife. A spokesperson for Melania Trump did not immediately return a request for comment.
    First Warning Weather: Warmer Temps On The Way

    First Warning Weather: Warmer Temps On The Way

    Temperatures will drop into the 30s first thing tomorrow morning, so you'll probably want a jacket if you're headed out early. Temperatures will swiftly begin dropping again, sliding through the 50s and back into the upper 40s by late evening.
    Arsene Wenger ready for different kind of challenge against Burnley

    Arsene Wenger ready for different kind of challenge against Burnley

    Sean Dyche's men are astonishingly on level points with Arsenal , behind them on goal difference in 7th place in the table. They put their disappointing 3-1 defeat to Manchester City behind them and dominated Tottenham in a 2-0 victory last week.
  • Jose Mourinho Admits Worries Over Future of Marouane Fellaini

    Jose Mourinho Admits Worries Over Future of Marouane Fellaini

    It's starting to look more likely that this could be the final season at Old Trafford for Marouane Fellaini. I prefer the way Guardiola plays, and I would prefer him as manager of Manchester United .
    Glee Alum Naya Rivera Arrested For Domestic Battery

    Glee Alum Naya Rivera Arrested For Domestic Battery

    Footage posted online by local news reporter Jatara McGee showed Naya in handcuffs being arraigned at a local police station. Rivera's reps haven't yet commented and so far, the star hasn't written anything about the incident on social media.
    Black Friday Helps Increase Pocket of Amazon Boss to Reach $100 Bln

    Black Friday Helps Increase Pocket of Amazon Boss to Reach $100 Bln

    Mr Gates is now second in the Index with $89,1bn, followed by Warren Buffet ($78.7bn) and Spain's Armancio Ortega ($75.9bn). Business tycoon Jeff Bezos became the first billionaire since 1999 to cross the mark of net worth $100 billion.
  • Utah, BYU to host NCAA volleyball games

    Utah, BYU to host NCAA volleyball games

    The NIVC started out as the Women's Invitational Volleyball Championship in 1989 and was renamed two years later to the NIVC. UNI is making its 21st overall NCAA Tournament appearance, returning to the postseason for the third-straight season.
    Select HTC U11 units start receiving Android Oreo update

    Select HTC U11 units start receiving Android Oreo update

    Unfortunately, he didn't reveal an exact date when the company will start rolling out the Android Oreo to these models. However, his tweet mentioned that only the unlocked variant of the U11 will be updated to Oreo.
    Rep. John Conyers steps down as ranking member of House Judiciary Committee

    Rep. John Conyers steps down as ranking member of House Judiciary Committee

    BuzzFeed News reported Monday that Conyers' office paid a female aide over $27,000 to settle a wrongful dismissal complaint. Conyers has admitted to making the payment to avoid public litigation, but has denied any sexual harassment claims.