Lawsuit challenges Trump's financial bureau appointment

Watchdog or lapdog The future of the CFPB is in doubt

Turmoil at the Consumer Financial Protection Bureau (CFPB) is ongoing almost two weeks after President Donald Trump moved to place Office of Management and Budget Director Mick Mulvaney as acting director of the independent agency.

As evidence of this point the credit union quotes Mulvaney's description of the CFPB as "a sad, sick joke", and his 2015 testimony before the House of Representatives. The FOIA also specifically requests all communications that contain the words "Dumbledore", "Dumbledore's Army", "Snape", "Voldemort", and "He-who-shall-not-be-named", among other records. Mr. Mulvaney said he had removed the hold on Wednesday - the day the agency was scheduled to make one of its twice-annual allocation decisions - and approved the dispersal of payments.

"This place will be different, under my leadership and under whoever follows me", Mulvaney said. The acting director placed a moratorium on the approval of payments to some financial crime victims, froze hiring and all new rules and regulations, and called for a reviews of all active investigations and litigation.

English has challenged Mulvaney's right to lead the agency, citing her endorsement by former CFPB director Richard Cordray who stepped down two weeks ago.

Both sides then battled over who had the legal authority to name the successor.

Alibaba Group (BABA) Receiving Somewhat Favorable Press Coverage, Report Finds
ADBE traded at an unexpectedly high level on 05/12/2017 when the stock experienced a -0.53% loss to a closing price of $167.54. The specialty retailer reported $0.63 earnings per share for the quarter, missing the consensus estimate of $0.64 by $0.01.

English has argued that the Dodd-Frank Act, the law that gave rise to the CFPB, should dictate the process for temporarily replacing the agency director.

Mulvaney this week brought in Republican congressional lawyer Brian Johnson as a senior adviser and plans to quickly bring on board more political hires to help him review the bureau's existing and pending regulations, the budget chief said. Under the succession language in Dodd-Frank, the deputy director steps in as the CFPB's acting director in the "absence or unavailability" of the director.

The general counsel for the CFPB sided with the Trump administration on the matter.

Mulvaney and President Trump are being sued by the Lower East Side People's Federal Credit Union.

Though critics say Trump's actions undermine the intent by Congress to keep the CFPB independent, U.S. District Judge Timothy Kelly in Washington denied English a temporary restraining order, saying the merits of her case had a poor outlook.

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