United States consumer finance agency lawyer sides with Trump over succession

United States consumer finance agency lawyer sides with Trump over succession

United States consumer finance agency lawyer sides with Trump over succession

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". The battle started last Friday when CFPB's director, Richard Cordray, resigned.

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.

Both the Trump administration and former director Richard Cordray contend the law is on their side and that their pick is the rightful leader.

Mick Mulvaney walks through a gate to the Eisenhower Executive Office Building after leaving the Consumer Financial Protection Bureau in Washington on November 27.

The White House communications director sought to enhance Mr Mulvaney's standing on Twitter, sending out a photo of him meeting staff while sporting rainbow-coloured socks and another of near empty boxes of doughnuts, which he said were a "big hit".

You're getting ready to take over a top spot in a governmental agency that has an acting head.

Protestors outside the CFPB on Monday morning oppose Trump's appointment of Mick Mulvaney to temporarily lead the agency. English's legal position is thus based on the premise that the CFPA provision that states the Deputy Director shall serve as Acting Director in the Director's "absence or unavailability" covers a vacancy created by the CFPB Director's resignation. The idea for a financial watchdog agency came from Sen. Elizabeth Warren of MA, met with English. English, according to a source familiar with the matter, also was present at the bureau Monday morning, but it was not immediately clear if she and Mulvaney interacted.

It'll be an interesting Monday at the Consumer Financial Protection Bureau. The Obama administration folded the various efforts under one umbrella agency, and gave the CFPB significant autonomy to carry out its work.

David Silberman, who had been serving as acting deputy director, will continue in his role as associate director of the Research, Markets, and Regulations division. The director does not report directly to the president, and can only be fired for "inefficiency, neglect of duty, or malfeasance".

Can Stock
Can Stock

Trump has also accused the CFPB of regulatory overreach.

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".

What has the CFPB accomplished? The independent agency is funded through Federal Reserve Bank profits rather than the congressional appropriation process, and houses over 1,600 employees. In march Wells Fargo reached a $110 million settlement with customers.

Republicans have long said the agency has overreached.

The agency has been controversial since its inception six years ago. While the Dodd-Frank rule stands, assistant attorney general Steven Engel argued in an eight-page opinion on Sunday, it "does not displace the president's authority under the Vacancies Reform Act", instead giving Trump authority to "override an agency's designated succession path" as he sees fit.

He didn't back away from those assertions Monday afternoon, describing the CFPB as "an bad example of a bureaucracy that has gone wrong and is nearly entirely unaccountable".

Republicans in Congress and conservative groups have called for limiting CFPB's power or doing away with the agency altogether.

"If the court decides to issue a temporary restraining order".

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