Category Archives: Consumer Financial Protection Bureau

by Jeff Sovern A couple of people have suggested to me that it doesn't really matter who wins as between English and Mulvaney because Trump will still get to nominate a new director for a five-year term.  I think that's wrong for several reasons. First, the obvious: the process of nomination and confirmation is not […]

The complaint is here.  She is seeking an emergecy TRO. English is represented by CL&P co-coordinator Deepak Gupta.  Meanwhile, Reuters reports that the CFPB General Counsel's Office takes the position that the president can appoint Mulvaney.

by Jeff Sovern Kate Berry has the story in the American Banker.  She reports that the case will be filed in federal court in Washington, D.C., possibly as early as this evening. The report states that one of English's anticipated theories is that Trump is attempting to assert control of an independent agency by naming […]

by Jeff Sovern The Department of Justice's Office of Legal Counsel has now issued an opinion which, not surprisingly, expresses the view that the president can name the acting director of the CFPB. It argues that even though the VRA specifies that it is the "exclusive" way to fill vacancies "unless another statute 'expressly'  provides […]

by Jeff Sovern First, in case anyone who reads this blog doesn't already know, yesterday, CFPB Director Richard Cordray appointed CFPB chief of staff, Leandra English, to become CFPB deputy director. Section 1011(b)(5)(B) of the Dodd-Frank Act provides that the deputy director  shall "serve as acting Director in the absence or unavailability of the Director." Mr. Cordray then […]

From Ben White's Morning Money Newsletter, here's the report on Buckley & Strange: POLITICO’s Lorraine Woellert: “There’s no shortage of wannabes to fill Richard Cordray’s soon-to-be-vacant post at the CFPB. The latest names to circulate are Jerry Buckley of Buckley Sandler, an industry go-to for consumer finance law, and Alabama’s Luther Strange, the Senate short-timer […]

by Jeff Sovern Adam's piece is here while Dayen's is titled THERE’S A HITCH IN TRUMP’S PLAN TO STICK MICK MULVANEY ON THE CFPB: IT’S ILLEGAL.  Adam's argument is based on the legislative history and makes a lot of sense, though I suppose a strict textualist would not be persuaded by the use of legislative history. But […]

From Kate Berry at American Banker. Hint: it will be better for banks than consumers.

There is too much valuable material in this one, by Gary Rivlin and Susan Antilla, to post excerpts.  It should be read in its entirety.