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Court sides with Trump over who runs the CFPB

Bill Coffin | November 29, 2017

Judge Timothy Kelly of the District Court of the District of Columbia has denied a request for a restraining order that would have prevented White House budget chief Mick Mulvaney from becoming the interim chief of the Consumer Financial Protection Bureau.

By denying the restraining order, filed by CFPB Deputy Director Leandra English, Judge Kelly has essentially sided with the Trump administration that Mulvaney, and not English, runs the CFPB following the resignation of its Director, Richard Cordray.

This outcome is a big victory the Trump administration and Congressional Republicans in a larger struggle over the fate of the CFPB, which was created by the Dodd-Frank Act in 2010 and has been controversial from the start, due to its independence and scope of powers to penalize financial institutions for predatory behavior against consumers.

This brief, but pivotal, legal battle began on Friday, November 24, when CFPB Director Richard Cordray named Chief of... To get the full story, subscribe now.