An Obama-era agency that a senior Senate Democrat said “Wall Street hates like the devil hates holy water” will have two acting directors on Monday, after the White House countered its director’s resignation and promotion of an ally by naming its own man to take temporary charge.
One Senate Republican said the unusual situation, with each side claiming legal justification, could “end up in court”.
The Consumer Financial Protection Bureau (CFPB) was set up after the financial crash of 2008 to protect ordinary Americans from abusive practices by banks, mortgage companies, pay day loan operations and debt collectors.
Its director, Richard Cordray, proved an aggressive watchdog, for example fining Wells Fargo a record amount over its misselling of bank accounts. Republicans opposed to tough regulation of the financial sector think the agency has been too aggressive. Democrats back it.
Democrat Durbin says Wall Street hates CFPB ‘like the devil hates holy water’ while Republican Thune says Trump pick Mulvaney will run things butbattle will continue