2 battle for control over US consumer watchdog
WASHINGTON — The battle between two supposed directors of the Consumer Financial Protection Bureau is making for compelling optics but only seems to be delaying a tidal shift at the powerful consumer watchdog.
Mick Mulvaney, President Trump’s budget director and now his choice as acting director of CFPB, made a conspicuous effort Monday to show he was firmly in control of the bureau. Meeting with reporters, he promised a new approach at the agency, which he called example of “bureaucracy gone wrong.” Earlier, he arrived at work with doughnuts for the staff.
Leandra English, who was elevated to deputy director of the bureau late last week by Cordray upon his resignation, sent staff an email offering Thanksgiving wishes — hours after asking a judge to block Mulvaney from taking over. Mulvaney sent his own email telling staffers to “disregard” any directions from English.
Even if English wins in court, the clock is ticking on the bureau’s current direction. Mulvaney, and likely any Trump appointee, is certain to roll back the bureau’s aggressive stance and be more accommodating to banks and other financial companies. In his first move in the interim role, Mulvaney ordered a 30-day freeze on any potential new regulations or hiring. He was also unrepentant in his criticism of the bureau, which dates back to his time in Congress.