Mulvaney begins at CFPB with immediate freeze on regulations

Share

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. English's appointment, the White House issued a press release announcing that President Trump had designated Mr. Mulvaney, the Director of the Office of Management and Budget, to "serve as Acting Director until a permanent director is nominated and confirmed".

"Director Mulvaney has taken charge of that agency and has the full cooperation of the staff and things went very well during his first day", Sanders told reporters.

Mulvaney also signed off as "acting director" and invited staff to pop by his office on the fourth floor to "grab a donut". He's calling it an example of "bureaucracy gone wrong". 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. "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".

McLeod's argument comes across like something cooked up to support a pre-ordained result - namely, that there must be some rationale for installing Mulvaney at CFPB for the time being without going through a Senate confirmation hearing for him, or for anyone else.

Sarah Huckabee Sanders, the White House press secretary, commented on the disarray: "It is unfortunate that Mr. Cordray made a decision to put his political ambition above the interests of consumers with this stunt", she said in a statement.

Mulvaney said he was surprised at the unchecked powers afforded to the bureau - including his.

The mission of the agency, which was created by the post-crisis Dodd-Frank act, is to stop financial institutions from ripping off customers.

The agency created a financial consumer database where people can research loan companies, and says it has handled more than 1.2 million complaints from consumers. They spoke on condition of anonymity to discuss the White House's thinking. "If you receive additional communications from her today...please inform the General Counsel". Trump publicly offered his thoughts on the agency's performance over the weekend: "The Consumer Financial Protection Bureau, or CFPB, has been a total disaster as run by the previous Administrations pick", he wrote on Twitter on Saturday.

English has filed suit, contending that federal law puts her in charge. The battle started last Friday when CFPB's director, Richard Cordray, resigned. The White House has maintained that the president has the power to appoint an acting director.

A court fight may be brewing over President Donald Trump's move to make a close aide the interim leader of a consumer protection agency championed by Democrats.

She has filed a lawsuit in federal court in Washington, DC, seeking to halt Mulvaney's appointment. You, who previously called the agency a "joke" and didn't see a reason for it to exist, were smart enough not to forget the doughnuts.

Share