Credit Union Says Trump Has Sown Chaos at CFPB

Financial firms pin CFPB hopes on Mulvaney

A federal judge said Tuesday that he will hear motions December 22 in a case that seeks a preliminary injunction against acting Consumer Financial Protection Bureau Director Mick Mulvaney and would instead install Deputy Director Leandra English as interim head of the agency.

The group calls itself "Dumbledore's Army", a reference to a fictional secret cabal of young wizards in the children's fantasy series "Harry Potter", The New York Times reported. A CFPB official told Business Insider last week that senior leadership "unanimously" complied with Trump's pick. Mulvaney has always been a critic of the six-year-old agency and its leadership structure, endowed with a single director rather than a commission.

Mulvaney has already moved to rapidly change the agency, which he promised upon taking the reins.

That structure is the traditional model for agencies like the Office of Management and Budget, where Mulvaney is also permanent director, and one that Mulvaney said he believes would work well at the CFPB. Mr. Cordray had picked his deputy, Leandra English, as the interim director while President Trump had chosen Mr. Mulvaney for the same role.

"I'm looking at each of those on an individual basis, so it's going to take a while to sort of get through all of those", Mulvaney said. Trump then announced Mulvaney as acting director. Democratic Sen. Elizabeth Warren, who championed the creation of the agency, and her allies cited language in the 2010 Dodd-Frank Act as proof that Cordray, nominated by President Barack Obama, was in the right, while the Trump administration and its allies said the 1998 Federal Vacancies Reform Act usurps Dodd-Frank.

It says Mulvaney doesn't like the bureau's existence and is trying to minimize it.

Calling the move "regulatory chaos" and noting that it has tipped off a pitched fight over who is the legal leader of the regulator, the Lower East Side People's Federal Credit Union petitioned the courts to officially remove Mulvaney, Trump's budget director.

Though critics say Trump's actions undermine the intent by Congress to keep the CFPB independent, U.S. District Judge Timothy Kelly in Washington denied English a temporary restraining order, saying the merits of her case had a poor outlook.

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