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Trump asserts legal power in fight over consumer bureau

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WEST PALM BEACH, Fla./WASHINGTON (Reuters) - President Donald Trump has the power he needs to put his top budget aide in charge of the Consumer Financial Protection Bureau (CFPB), federal officials said on Saturday, weighing in on a battle for control over the powerful agency. 

 

White House says Trump has right to name CFPB head, setting up clash

The White House said President Donald Trump has the authority to put budget director Mick Mulvaney at the helm of the Consumer Financial Protection Bureau, setting the stage for what could be a protracted legal battle.

A senior administration official said the decision to appoint Mulvaney was informed by communication with the Justice Department's Office of Legal Counsel, which will issue a formal opinion soon. Mulvaney, director of the Office of Management and Budget, will start his second job at the CFPB Monday morning, replacing Richard Cordray, who resigned Friday.

Leadership clash at CFPB continues as two claim mantle

WASHINGTON - Two people are now claiming to be the rightful leader of the Consumer Financial Protection Bureau.

CFPB Director Richard Cordray's final act to appoint his own interim successor before stepping down - Leandra English, the agency's chief of staff - came hours before the Trump administration named Office of Management and Budget Director Mick Mulvaney as the temporary director. 

It is now unclear who is legally entitled to the job, and both appear likely to show up Monday to claim the mantle.

GOP eager for Trump shake-up at consumer bureau

Republicans are ready for President Trump to bring change to the Consumer Financial Protection Bureau (CFPB) now that Richard Cordray is resigning as director.

The CFPB has become a powerful watchdog agency, making moves reshape the lending industry and crack down on financial fraud. But Republican lawmakers have chafed at the CFPB’s actions, calling them heavy handed and damaging to consumer choice. 

Auto Finance’s Chief Regulator, Richard Cordray, to Step Down

Richard Cordray is stepping down as director of the Consumer Financial Protection Bureau at the end of November, he announced in a letter to employees Wednesday morning.

Cordray to leave CFPB by end of month

WASHINGTON — Consumer Financial Protection Bureau Director Richard Cordray sent an email to staff Wednesday announcing that he is leaving the bureau.

Cordray has long been rumored to be planning to run for governor in Ohio, but in the email he did not say what he plans to do after his departure

“I wanted to share with each of you directly what I have told the senior leadership in the past few days, which is that I expect to step down from my position here before the end of the month,” Cordray said in the note.

Consumer bureau chief announces resignation

The director of the Consumer Financial Protection Bureau (CFPB) announced his resignation Wednesday, giving President Trump the chance to reshape an agency that has long been the target of Republican ire.

Richard Cordray expects “to step down from his position here before the end of the month,” he wrote in an email that was sent to CFPB staff.

Trump’s signature nullifies CFPB arbitration rule

WASHINGTON, D.C. - 

President Trump followed through this week by signing H.J. Res. 111, which nullifies the Consumer Financial Protection Bureau's rule prohibiting the use of a pre-dispute arbitration agreement to prevent a consumer from filing or participating in certain class action suits.

Trump to sign legislation overturning arbitration rule

President Donald Trump will sign legislation overturning the Consumer Financial Protection Bureau’s mandatory arbitration rule Wednesday afternoon, according to a White House official.

The president’s decision comes despite a personal appeal from CFPB Director Richard Cordray and veterans groups, who opposed a congressional vote to overturn the consumer watchdog's rule using the Congressional Review Act.

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