Time To Lawyer Up At The CFPB

Wouldn't you have loved to be a fly on the wall this morning at the Consumer Financial Protection Bureau when two bosses showed up?

The CFPB was established by Congress as part of the Dodd-Frank Act.  The agency's mission is to do exactly what the name implies -- protect consumers from wrongdoing by financial institutions.  And that it has done.  America needs the CFPB.

"Dude, you're in my chair."

Director Richard Cordray stepped down last week and, as specified in Dodd-Frank, named an interim director to succeed him until such time as a permanent director can be nominated and confirmed by Congress. She is Leandra English, and she will continue the agency's watchdog and enforcement efforts, again as specified in Dodd-Frank.

"Oh, shit."

Fake president Donnie Destructo reacted by appointing his Budget Director Mick Mulvaney to the exact same interim position.  Mulvaney is a South Carolina Tea-Bag/Freedom Caucus real estate developer.  Having him head the CFPB is in the same vein as Scott Pruitt at the EPA or Betsy DeVos at Education -- Mulvaney is absurdly unqualified for the position and dedicated to destroying his agency, not advancing its stated mission.  Just another demolition man.

There is conflicting opinion about which of the two acting directors is legitimate.  Most believe that Cordray's action was appropriate and within his authority under Dodd-Frank.  Beyond that, virtually all CFPB staffers are loyal to Cordray and English, not the new guy saboteur.

Both English and Mulvaney were there this morning.  Both said they were running the show.  Mulvaney brought donuts.  I heard they were stale.

Let the lawsuits begin!