Warner, Kaine join 44 senators urging Trump to nominate aggressive consumer watchdog

08 Décembre, 2017, 01:20 | Auteur: Auguste Feret
  • Warner, Kaine join 44 senators urging Trump to nominate aggressive consumer watchdog

A federal credit union in New York City has sued President Donald Trump, saying his acting director of the Consumer Financial Protection Bureau is "trying to minimize its existence".

In their letter, the senators cited the CFPB's much-needed "aggressive enforcement and supervision", which has resulted in $12 billion in relief to 29 million American consumers who were cheated by financial companies. However, Trump immediately named current Office of Management and Budget Director Mick Mulvaney [official profile] as the acting director until he could confirm a permanent director through the Senate.

In his first act as part-time acting director, Mulvaney moved to freeze the payments to working Americans who've been cheated.

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The deputy director argues in the new filing that Mulvaney is ineligible to run the CFPB because of the line of succession established in Dodd-Frank.

The full text of the letter is available here. English also claims Mulvaney's appointment violates the Federal Reserve's independence since the CFPB was created within the Fed system and Mulvaney is a senior White House aide.

The law's architects, former Sen. Cordray's resignation triggered this provision, and, English argues, Trump has sought to bypass this statutory requirement by using the Federal Vacancies Reform Act [text] to appoint an Acting Director from outside the CFPB.

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