Friday, 15 December, 2017

CFPB battle swells as Trump, Mulvaney square off with agency head

WASHINGTON DC- JANUARY 24 Consumer Financial Protection Bureau Director Richard Cordray testifies during a hearing before the TARP Financial Services and Bailouts of Public and Private Programs Subcommittee of the House Oversight and Government Refor 2 people are currently claiming to lead the Consumer Financial Protection Bureau
Juana Turner | 28 November, 2017, 01:16

Mulvaney showed up for work at the CFPB on Monday after President Donald Trump picked him to lead the agency on a temporary basis. But apart from his tendency to undercut almost anything achieved during his predecessor's tenure, and his ongoing demonstration that he cares not much about protecting the little guy - the "forgotten men and women" he waxed about with faux earnestness in his inaugural address - the president is going about it in a way that's plainly illegal.

"Bank regulation is a very sensitive business", Frank said in an interview Monday.

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.

The White House has moved to justify Mulvaney's appointment by releasing legal memos that supposedly prove that only the president has the power to appoint the agency's acting director.

Both Mulvaney and English were present at the CFBP Monday morning.

English's lawsuit alleges that DOJ's reasoning is flawed, in part because when lawmakers drafted Dodd-Frank, they made an explicit choice to scrap the FVRA process for appointing an acting director-the procedure was written into an earlier draft.

English was chief of staff to bureau director Richard Cordray when he named her deputy director before he resigned Friday.

Barney Frank, a former representative from MA who was a co-sponsor of the Dodd-Frank Act, said that the law intended for the acting director to step into any vacancy, to protect the agency from political influence. The White House has maintained that the president has the power to appoint an acting director. Administration officials on Saturday acknowledged that some other laws appear to clash with Vacancies Act, but said that in this case the president's authority takes precedence. Getting a permanent replacement approved by the Senate could take months.

English asks that the court issue a temporary restraining order to block Mulvaney from taking over the bureau.

The White House and the outgoing Consumer Financial Protections Bureau director both named a new acting director of the agency on Friday. "For example, it has obtained $12 billion in refunds to nearly 30 million Americans who were harmed by a large financial institution".

Time to make the doughnuts.

. So has legal counsel for the CFPB. They spoke on condition of anonymity to discuss the White House's thinking. "Instead, Congress provided that the Bureau's Deputy Director...shall 'serve as acting Director in the absence or unavailability of the Director'". "I will be here until the court or the president tells me otherwise".

The agency has been tangled in partisan politics since its creation, with the two competing appointees a reflection of that. "As deputy director, we will continue to benefit from Leandra's in-depth knowledge of the operational needs of this agency and its staff". Before joining the CFPB, English served at the Office of Management and Budget and Office of Personnel Management. (Mulvaney brought donuts to the office for co-workers). A founder of the hard-right House Freedom Caucus, he was elected in 2010 as part of a tea party wave that brought many critics of the US budget deficit to office.

Former SC Congressman Mick Mulvaney finds himself at the center of a job dispute at a controversial federal agency. He's calling it an example of "bureaucracy gone wrong".

Democrats have seized upon Mulvaney's words in criticizing his appointment to the agency.

How did the Consumer Financial Protection Bureau come into being?

In her memorandum in support of a TRO, Ms.

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