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Whoever wins the CFPB, compliance loses

Bill Coffin | November 27, 2017

We don’t like to discuss religion in Compliance Week, but when considering the recent power struggle over at the Consumer Financial Protection Bureau, a certain Bible verse about the impossibility of serving two masters does come to mind.

As we have reported elsewhere, last week was an eventful one for the CFPB. On Nov. 24, its embattled director, Richard Cordray, resigned, naming deputy director Leandra English as the acting director. The Trump administration, which openly seeks to scale back, defang, or outright dissolve the CFPB, named its own appointee to act as interim director—Mick Mulvaney, the director of the Office of Management and Budget and an avowed opponent to the CFPB on general principle.

As both English and Mulvaney were expected to show up to work today, English had already filed a lawsuit against the appointment of Mulvaney, citing clear law that states she is the head of the CFPB, not him. The White House cites different law saying that the... To get the full story, subscribe now.