Senate Democrats are pressing President Trump to nominate a permanent CFPB director, saying that designating Office of Management and Budget Director Mick Mulvaney to serve as interim director endangers the independence of the agency.
In a related development, former agency Director Richard Cordray on Tuesday announced his candidacy for the Democratic nomination for Ohio governor.
Some 44 Senate Democrats signed the letter, saying that under Cordray, the agency succeeded in providing $12 billion in relief for more than 29 million people.
“We urge you to nominate a CFPB Director who will bring to the job both bipartisan support and a track record of being tough on big banks and other financial firms that rip off consumers,” the Democrats said.
Mulvaney's appointment has been challenged in federal court. Immediately before leaving office, Cordray selected Leandra English as deputy director. Cordray supporters said that Dodd-Frank specifies that the deputy director serves as acting director when the director is unavailable or absent.
Trump disagreed and appointed Mulvaney.
And barring unforeseen circumstances, it appears likely that Mulvaney will be running the agency until at least Dec. 22, when U.S. District Judge Timothy Kelly has scheduled a hearing on a preliminary injunction from English.
The Trump Administration had asked that final briefs in the case be filed on Feb. 22, ensuring that Mulvaney would stay as director until then, unless Trump had nominated someone by then and that person is confirmed.
Cordray's possible candidacy for governor had been widely expected, particularly since his term as CFPB director was set to expire next summer.
Republicans pressed Cordray to make public his intentions while he was still in office, but he refused to discuss his future at that time.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
