In what could become a showdown that has little legal precedence to help resolve the issue, the appointment of serving chief of staff of the Consumer Finance Protection Bureau, Leandra English, as the CFPB’s new Deputy Director, is in direct conflict with Trump’s appointment of budget director Mick Mulvaney as interim head of the consumer finance watchdog.
Who will ultimately and legally hold the leash that runs to the collar around America’s financial institutions’ collective neck? That is the question now being asked, as the conflicting appointments both appear to have equally legitimate legal bases to support them.
In appointing Leandra English as Deputy Director of the CFPB, current Director Richard Cordray, who is stepping down at the end of November, sent this note to his staff:
“Upon my departure, will become the acting Director pursuant to section 1011(b)(5) of the Dodd-Frank Act.”
Meanwhile, Trump has the Federal Vacancies Reform Act as validation of his appointment of Mulvaney, who will also continue to serve as Director of the Office of Management and Budget.
This could end up as a long-drawn legal battle that effectively crushes any possibility of the new rules for debt collection coming into effect.
Unless Director Cordray acts quickly in the next few days to push things through on that front, it may be lost forever.
That’s what the Republicans want, anyway, and it looks like they’re going to get it.
That said, a new story may emerge on Monday depending on what Director Cordray has in mind for what could possibly be his last and most memorable act as the head of the CFPB.
+++ + +++
