Questions remain.
The Consumer Financial Protection Bureau (CFPB) faceoff between former director Richard Cordray’s appointee and President Trump’s pick has intensified, with both reporting to the role this week.
On Friday, Cordray named Leandra English the agency’s deputy director; that same day, Trump named Mick Mulvaney the agency’s acting director. Cordray announced his resignation earlier this month.
Attorneys for English, formerly the agency’s chief of staff, sought to stop Mulvaney, director of the Office of Management and Budget. Judge Timothy Kelly, named recently by Trump, denied their request on Tuesday. According to a statement from the White House at the time:
“The Administration is aware of the suit filed by Deputy Director English; however the law is clear: Director Mulvaney is the Acting Director of the CFPB. Now that the CFPB’s own General Counsel—who was hired under Richard Cordray—has notified the Bureau’s leadership that she agrees with the Administration’s and DOJ’s reading of the law, there should be no question that Director Mulvaney is the Acting Director. It is unfortunate that Mr. Cordray decided to put his political ambition above the interests of consumers with this stunt. Director Mulvaney will bring a more serious and professional approach to running the CFPB.”
Both English and Mulvaney sent emails to staff on Monday, with English greeting employees after the holiday and Mulvaney directing employees to ignore instructions from English, media reports show. Later in the day, English addressed lawmakers, including Elizabeth Warren (D-Mass.), while Mulvaney announced a month-long hiring and rulemaking freeze. On Tuesday, English announced her intent to meet with staff, and Mulvaney again emailed staff reiterating his message from Monday.
“Leandra is a seasoned professional who has spent her career of public service focused on promoting smooth and efficient operations,” said Cordray in a statement announcing English as his successor. “As deputy director, we will continue to benefit from Leandra’s in-depth knowledge of the operational needs of this agency and its staff.”
“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 White House said in its own statement announcing Mulvaney as Cordray’s successor. “Director Mulvaney will serve as Acting Director until a permanent director is nominated and confirmed.”
Stay tuned to RISMedia for more developments.
Suzanne De Vita is RISMedia’s online news editor. Email her your real estate news ideas at sdevita@rismedia.com.
