Friday, the director of the Consumer Financial Protection Bureau, Richard Cordray, resigned from his position effective midnight Friday. He reassigned the bureau’s Chief of Staff Leandra English to deputy director, making her the acting director once his resignation took effect. Under the Dodd-Frank Wall Street Reform Act, the deputy director will be acting director until the Senate confirms a new director. President Trump, pointing to the 1998 Federal Vacancies Reform Act, appointed Mick Mulvaney, the director of the Office of Management and Budget, as acting director. The Federal Vacancies Reform Act gives the president power to temporarily fill agencies’ positions. These actions by the president and Richard Cordray have left the agency with two acting directors and it is not clear who will be running the agency come Monday morning. This raises an interesting question. Who is the true acting director of the Consumer Financial Protection Bureau?
CNN covering the CFPB leadership crisis:
Who is the true acting director of the Consumer Financial Protection Bureau? Does President Trump have the authority to name an acting director? Or does Dodd-Frank make it clear the deputy director is the acting director?