Economy

Judges Rules Mulvaney Can Still Lead Consumer Financial Protection Bureau

Judges Rules Mulvaney Can Still Lead Consumer Financial Protection Bureau”

English, who served as previous director Richard Cordray's deputy, is suing the Trump administration for not allowing her to assume the role of director after Cordray's departure, but U.S. District Judge Timothy Kelly denied her request for a preliminary injunction, BuzzFeed reports.

English says Cordray had legal grounds under the 2010 Dodd-Frank Wall Street reform law that created the agency to name his successor until a full-time director is chosen by President Donald Trump and confirmed by the U.S. Senate. But by then, Cordray had already named his former chief of staff, English, as acting director, setting up a partisan battle for control of the powerful agency.

"The Administration is glad to see the courts once again recognize the President's lawful designation". The ruling sets the stage for an anticipated appeal by English's attorneys.

Kelly noted in his Wednesday night ruling that Trump's executive authority could "override" the order of succession laid out in the Dodd-Frank Act, the Obama-era federal law that founded the CFPB.

More news: Earnings Estimates Analysis of: The Boeing Company (BA), PayPal Holdings, Inc. (PYPL)

Mulvaney was appointed acting director under the Federal Vacancies Reform Act, which allows the president to name a now serving Senate-confirmed official as acting director for a set period of time or until a permanent director is confirmed. Also, they said, Mulvaney can not wear two hats by simultaneously leading the independent financial regulator while serving as director the Office of Management and Budget.

English's attorney, Deepak Gupta, previously indicated in court that they would appeal if they lost in the district court. "The President has designated Mulvaney the CFPB's acting Director, the CFPB has recognized him as the acting Director, and it is operating with him as the acting Director".

In November, Kelly had turned down English's request for a temporary restraining order. English then filed the motion for a preliminary injunction to block Mulvaney's appointment, and Kelly heard arguments on December 22. English hasn't met the standard to obtain a preliminary injunction. Despite her strong support for harsher action against industry for its alleged failure to adequately protect PII, Senator Warren attacks Mr. Mulvaney for his efforts to protect PII, claiming that they have "undermined the agency's work in both the short and long term". House Republicans approved legislation previous year that would strip the CFPB of many of its powers.



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