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How much could a new leader reshape the CFPB?

How much could a new leader reshape the CFPB?

So basically, what we have on this Cyber Monday is the Trump Administration forcibly attempting to take control of a controversial regulatory agency in order to declaw it while knocking its teeth out with the human ball-peen hammer that is Mick Mulvaney, and then getting sued by the person who might be supposed to be running it due to bylaws or whatnot.

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".

English's move marked a stunning turn of events at the agency, which was created after the financial crisis to protect consumers and keep an eye on Wall Street. In fact, Mulvaney's OMB staff was tweeting about Mick's bright and early arrival to his newest job, and it appears that he even brought donuts.

Mulvaney spent his first day at the CFPB on Monday and said he will serve as long as he's allowed.

With both potential Acting Directors showing up for work Monday morning and sending official conflicting emails out to CFPB staff, there has been understandable confusion.

Third, it is hard to see how the Bureau could take any action under Acting Director English - such as issuing a new proposed regulation or bringing an enforcement action - that would not be drawn into a legal fight over the legitimacy of the Acting Director's authority. On Saturday, the president wrote on Twitter that the CFPB has been a "total disaster" as run by the previous administration, pointing out that "financial institutions have been devastated and unable to properly serve the public". English's was brief, offering appreciation "to all of you for your service". Mulvaney sent a memo to employees, asking them to "please disregard any instructions you receive from Ms".

But some experts have since argued that the Dodd-Frank "unavailability" provision doesn't apply to instances in which the former director has resigned - only in cases where the director is out of commission temporarily. Kelly, a former staffer of Sen.

A Senate GOP leader, John Thune of South Dakota, is pledging swift action whenever Trump nominates a head of the agency. Citing the Dodd-Frank Act that created the CFPB, he said English, an ally, would become acting director upon his departure.

Reuters, which first obtained the memo, reported that he sent the memo after English sent an email welcoming staff back from their Thanksgiving holiday and signed off as "acting director". "The law is clear: Ms".

According to CBS White House correspondent Mark Knoller, English was also heading to work.

"The administration is aware of the suit filed this evening by Deputy Director English. It is unfortunate that Mr. Cordray made a decision to put his political ambition above the interests of consumers with this stunt". However, on Friday, President Donald Trump named Mulvaney to the interim director post. "This is unfortunate but, in the atmosphere of the day, probably not unexpected", he said.

"To ensure the Bureau's independence, Congress specified that the Director would not serve at the pleasure of the President and could instead be removed only for cause", the lawsuit adds.


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