Tensions Are High as Mulvaney Arrives at Embattled CFPB

Tensions Are High as Mulvaney Arrives at Embattled CFPB

The White House Budget chief and an Obama-era official are both claiming rights to lead the CFPB. The agency was created in response to criticism that the previous regulatory structure didn’t prevent a mortgage-market meltdown because the responsibility for consumer protection was scattered among various agencies. Mick Mulvaney, The White House Budget chief assumed the position of acting director on Monday, however Leandra English an Obama-era official who was going to assume control filed a lawsuit claiming that the position belongs to her. Although this regulatory agency is said to be an independent organization many Republican lawmakers would like to make the agency a commission so that lawmakers could oversee and approve its yearly budget and have congressional oversight. The battle for the position will ultimately take place in federal courts as either party seems to shy away be backing down.

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