Trump's pick for consumer watchdog bureau orders freeze on hiring and rule-making
Source: Washington Post
Business
Trumps pick for consumer watchdog bureau orders freeze on hiring and rule-making
By Renae Merle November 27 at 4:30 PM
White House budget director Mick Mulvaney said he ordered a 30-day hiring freeze and a delay of rule-making and other actions at the Consumer Financial Protection Bureau on his first day as boss of the consumer watchdog.
Whether he remains in charge that long remains unclear. A day earlier, the agencys chief of staff Leandra English filed suit claiming she is the rightful acting director in the wake of former director Richard Cordrays departure.
Leadership of the agency was thrown into doubt last Friday when Cordray stepped down as CFPB director and said English would temporarily replace him. A few hours later, Trump named Mulvaney, the Office of Management and Budget director and a longtime critic of the CFPB, to the job.
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In the meantime, the legal limbo could threaten the validity of any decisions made by Mulvaney or English in the coming days, legal experts have said. ... People are being investigated by the CFPB all the time, said Alan Kaplinsky, head of the Consumer Financial Services Group for law firm Ballard Spahr. But any firm thinking about settling with the agency now faces a significant question, he said. Are you settling it with Mulvaney? Are you settling it with English? ... Its going to create absolute chaos. You are not going to be able to settle anything, he said.
Spencer S. Hsu, Steven Mufson and Thomas Heath contributed to this report.
The Washington Post wants to talk to CFPB employees about the news today. To contact a reporter, please email renae.merle@washpost.com, or reach out via Twitter or Signal.
Renae Merle covers white collar crime and Wall Street for The Washington Post. Follow @renaemerle
Read more: https://www.washingtonpost.com/news/business/wp/2017/11/27/at-the-cfpb-two-acting-directors-show-up-to-take-command-one-brings-doughnuts-the-other-well-wishes/
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