Mick Mulvaney, Who Wants to Dismantle the CFPB, Will Stay as Acting Director
A federal court has just ruled President Trump can name the head of the Consumer Financial Protection Bureau, despite rules in the Dodd-Frank law outlining succession. CFPB Acting Director Leandra English had filed a request for an injunction to block Trump’s decision to install Mick Mulvaney, the head of the Office of Management and Budget, to the post as Acting Director. Both men wish to dismantle the agency, which acts as a protectors against big banks.
On Monday, the agency had two Acting Directors.
“Trump has long sought to weaken or abolish the 1,600-employee agency, saying too many regulations are suffocating lending,” CNBC adds. “Democrats say the agency needs to oversee consumer financial products such as mortgages and have power over large non-bank financial companies to protect borrowers.”
Democratic Senator Elizabeth Warren, who called for the creation of the agency and was integral to its establishment, had agreed with English. So too had former Rep. Barney Frank, who co-wrote the Dodd-Frank law that created the CFPB.
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