Monday, 23 July, 2018

US judge denies effort to stop Mulvaney from heading consumer watchdog

Mick Mulvaney allowed to keep leading President Trump's Consumer Financial Protection Bureau amid tumult Judge's Ruling Keeps Mulvaney in Place at CFPB
Kenny Thornton | 13 January, 2018, 23:11

Leandra English is the deputy director of the CFPB and argues that Mick Mulvaney, Trump's budget director and pick to temporarily lead the consumer watchdog, was wrongly installed. English failed to prove that she was "likely to succeed on the merits", "likely to suffer irreparable harm in the absence of preliminary relief", that the "balance of equities" tips in her favor, and that an injunction would be "in the public interest". She seeks a preliminary injunction that would restrain the President from appointing an acting Director other than her, require the President to withdraw Mulvaney's appointment, and prohibit Mulvaney from serving as acting Director.

In a statement, a lawyer for English said they were "disappointed" with Kelly's decision. But the President, Defendant Donald John Trump, made his own appointment that day, announcing that Defendant John Michael Mulvaney, who serves as the Director of the Office of Management and Budget ("OMB"), would also serve as acting Director of the CFPB upon Cordray's resignation.

Kate Berry covers the Consumer Financial Protection Bureau for American Banker. The ruling sets the stage for an anticipated appeal by English's attorneys. McWatters, a Republican, has the support of CFPB critic Rep. Jeb Hensarling (R-Texas), the powerful chairman of the House Financial Services Committee for whom he once worked as legal counsel.

The head of the Independent Community Bankers of America has publicly expressed concerns that McWatters is not as knowledgeable about banking regulations given his background in credit unions.

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Obama actually nominated McWatters for a seat on the bank's five-member board.

A federal judge appointed by President Trump has delivered the administration a legal victory with a decision supporting the President's choice for head of the Consumer Financial Protection Bureau. He promoted English, his chief of staff, to deputy director and said she would be the acting director under a provision of the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act that created the bureau.

Cordray announced on November 24 that he would step down effective midnight; he has since announced that he is running for governor of Ohio. Both Mulvaney and English tried to convince agency employees they were in charge.

Kelly also rejected English's argument that Trump's appointment of a sitting executive branch official as the acting head of the bureau undermined its independence. "Granting English an injunction would not bring about more clarity; it would only serve to muddy the waters".

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