The Consumer Financial Protection Bureau (CFPB) is a federal agency, created in 2010 during the Obama administration. Here is its self-description:
We aim to make consumer financial markets work for consumers, responsible providers, and the economy as a whole. We protect consumers from unfair, deceptive, or abusive practices and take action against companies that break the law. We arm people with the information, steps, and tools that they need to make smart financial decisions.
Not surprisingly, there are others who feel the CFPB, which operates outside of congressional purview, is a rogue agency with an anti-business agenda.
The CFPB’s first, and until now only, head was Richard Cordray. His was an Obama recess appointment – probably unconstitutional – but rendered moot by the Senate eventually approving him in a 66-34 vote.
Now, Mr. Cordray is stepping down. And – here’s where things get murky – he believes he has the power to name his own successor until the Senate approves a new head of CFPB. Not surprisingly, he has named his second in command, Leandra English – whom Republicans and conservatives (often one and the same) consider a terrible choice for a variety of reasons, which you can read in Richard Pollock’s article for dailycaller.com.
Here is a taste of what Mr. Pollock writes:
Many former and current CFPB employees told TheDCNF about their reactions to English receiving the acting director position.
“Her rapid ascension within the CFPB and the series of promotions seems consistent with the CFPB culture, which is full of cronyism,” said one long-time former CFPB employee.
“It was surprising because many hard-working employees had to file lawsuits and grievances just to get promoted one step at the CFPB,” the former official told TheDCNF in an interview.
English, along with Warren, spearheaded a culture of secrecy within the bureau that appears to permeate throughout the agency and would later infuriate Congress.
Warren and the Democratic Congress housed CFPB inside the Federal Reserve, which is independent of Congress.
The transfer of CFPB into the Fed allowed the bureau to circumvent congressional oversight. Even its annual budget is outside of the regular congressional budget authorization process.
Sources within the bureau say English actively promoted that effort of secrecy early in the bureau’s actual operations.
Whether or not any of this is true, and whether or not Ms. English would be a good head of CFPB, however, might be academic…
…because President Trump and his people are of the impression that Mr. Trump rather than Richard Cordray gets to select the interim head of this organization. And Mr. Trump has selected the Office of Management and Budget (OMB) head, Mick Mulvaney, for the job.
As Richard Pollock points out, they both are going to be showing up at work today.
What will happen?
To be continued….and you can bet more is coming.
