Stage Set for Dueling Dual Directors

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Posted To: MND NewsWire

It should be an interesting day at the Consumer Financial Protection Bureau (CFPB). In fact, the Federal Reserve, which is charged with funding the agency out of its budget, might consider selling both tickets and popcorn in the CFPB parking lot if, as expected, two different, and supposedly legally appointed acting directors, show up, vying to sit in the same chair. As MND reported on November 16, Richard Cordray, the first director of the agency, told his staff via an internal memo that he would be resigning by the end of the month. He did so officially on Friday, appointing his chief of staff, Leandra English to the agency’s number-two position, deputy director , then naming her as the agency’s acting director . Cordray did this under authority of the 2010 Dodd-Frank Wall Street Reform and…(read more)

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