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MONTH-IN-BRIEF (Nov 2017)

Banking Law

CFPB Gets New Director after Richard Cordray Resigns

By David C. Bass, Rabobank, NA

President Trump has appointed Mick Mulvaney as interim director of the Consumer Financial Protection Bureau (CFPB). On November 15, 2017, Richard Cordray, former director of the CFPB appointed by President Obama in 2013, announced his resignation. Before resigning, Cordray named his former chief of staff, Leandra English, as acting director, which set off a legal battle. A federal judge has already denied a restraining order requested by English, and that denial cannot be appealed. Mulvaney now takes the post until President Trump selects, and the U.S. Senate confirms, a permanent placement. Currently, English is considering seeking a preliminary injunction against Mulvaney’s appointment that could be appealed if not granted. Mick Mulvaney is also the director of the Office of Management and Budget.

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