November 30, 2017
By Joe KlocThe director of the Consumer Finance Protection Bureau, which since its creation after the 2008 financial crisis has provided victims of predatory banking practices with $11.8 billion in compensation and debt relief, resigned his office and appointed as deputy director Leandra English, a longtime federal employee who had previously served as the agency’s chief of staff. US president Donald Trump, who once said Americans could “opt out” of the recession by investing in a Trump-branded marketing company that sold multivitamins purportedly tailored to customers’ needs based on their urine, announced that he did not recognize English as the CFPB’s acting director, and instead appointed as the agency’s interim head the director of the Office of Management and Budget, Mick Mulvaney, who once referred to the CFPB as a “joke” that he wanted to eliminate and whose former congressional chief of staff left his office to work as a lobbyist for the bank Santander, which was fined $10 million by the CFPB for “illegal overdraft practices” and is now reportedly facing another CFPB lawsuit, this time for overcharging customers. English sent the agency’s staff an email in which she referred to herself as the “acting director,” Mulvaney tweeted a photo of himself working in the director’s office and told employees to “disregard” English and to “stop by” and “grab a doughnut,” and the CFPB’s webpage for information on its director displayed the message “not found.” A lawyer for the Office of Legal Counsel, who once served as lead counsel for a payday lender that was cited by the CFPB for attempting to circumvent federal and state laws in order to offer high-cost loans, wrote a memo justifying the appointment of Mulvaney by citing the Federal Vacancies Reform Act of 1998, which gives the president “exclusive means” to appoint acting directors “unless a statutory provision expressly designates” an employee to do so; English filed an emergency restraining order against Trump and Mulvaney that cited the Dodd-Frank Act of 2010, which provided for the creation of the CFPB and mandated that the deputy director should serve as the head of the agency “in the absence” of the director; and the case was assigned to a Trump-appointed judge, who ruled that, despite the 2010 legislation, the acting director was Mulvaney, who received about $475,000 in contributions from the financial, insurance, and real estate industries during his 2016 congressional campaign, including $9,200 from JPMorgan Chase, which was fined $4.6 million by the CFPB for failing to provide consumers with information about checking account denials; $6,000 from Wells Fargo, which was fined $100 million by the CFPB for the “widespread illegal practice of secretly opening unauthorized deposit and credit card accounts”; $8,000 from Citigroup, which was fined $8 million by the CFPB for “illegal debt sales and debt collection practices”; $7,500 from SunTrust Bank, which was fined $40 million by the CFPB to compensate Americans whose homes were foreclosed; and $9,250 from Bank of America, which was ordered by the CFPB to pay $727 million in relief to customers “harmed by practices related to credit card add-on products.” Mulvaney, who in 2016 wrote on Facebook that he had spent his career doing “the exact opposite” of pushing for “regulations on banking,” announced he would halt any new rulemaking at the CFPB, stop all outgoing payments to consumers from its civil penalties fund, and “find out” if he is justified in firing English. “Rumors that I am going to set the place on fire” are “completely false,” he said, before issuing a hiring freeze.
-
Join 6,652 other subscribers
Subscribe in a Reader
Twitter Updates
- @trinavargo Read what I wrote not what you want to think I wrote…. 2 weeks ago
- @trinavargo Not assuming anything, just asking questions - the stornophone was a British army phone, how did the IR… twitter.com/i/web/status/1… 2 weeks ago
- New Evidence Emerges In Jean McConville Case…… thebrokenelbow.com/2023/01/08/new… 2 weeks ago
- @stevemayman Sorry, it refuses to behave! 3 weeks ago
- @shaneodoherty Which post, and how do you know? 3 weeks ago
-
Recent Posts
Categories
- 'Mr Eddie'
- 'Slab' Murphy
- Al Jazeera
- Al Qaeda
- American Right
- An Phoblacht-Republican News
- BBC
- Belfast
- Belfast Telegraph
- Benghazi
- Berlusconi
- Bernadette McAliskey
- Bernie Madoff
- Bertie Ahern
- Bill Clinton
- Blair
- Bob Woodward
- Brian Moore
- British Government
- Bush
- Cable TV
- Cameron
- Censorship
- Chad
- Charlie Haughey
- Chernobyl
- Chicago
- CIA
- Cluster bombs
- Cormac
- Crime
- Daily Telegraph
- Danny Morrison
- Dean Godson
- Democrats
- Dennis Philcox
- Donald Trump
- Egypt
- Eksund
- Exelon
- Fianna Fail
- Fine Gael
- Fox News
- Fukushima
- Gamal Abdel Nasser
- Garret FitzGerald
- Geneva Convention
- George W Bush
- Gerry Adams
- Glenn Beck
- Goldstone report
- GOP
- Guantanamo
- Henry Jackson Society
- Hillary Clinton
- Hitchens
- Hugh McAteer
- Illinois
- IRA
- IRA hunger strike
- Irish politics
- Israel
- Japan
- Jimmy Steele
- John McGuffin
- Kevin McKenna
- Khalifa Heftir
- King Idris
- Libya
- Los Angeles Times
- Lunacy
- Martin Mansergh
- Martin McGuinness
- Media
- Men of No Property
- Michael Gove
- Micheál Martin
- Micky McKevitt
- Misurata
- Muammar Gaddafi
- Muslim Brotherhood
- National Front for the Salvation of Libya
- NATO
- Neocons
- New York Times
- Northern Ireland
- Nuclear
- Obama
- Osama bin Laden
- P O'Neill
- Pakistan
- Palestinians
- Peace Process
- Policy Exchange
- Radioactive
- Reactor
- Reagan
- Republican News
- Richard Perle
- Robert Crumb
- Roman Empire
- Rush Limbaugh
- Sarah Palin
- Sarkozy
- Saville Tribunal
- Sean O'Callaghan
- Semtex
- Sinn Fein
- Stormont
- Tariq Ali
- Tea Party
- TEFL
- TEPCO
- The Times of London
- Tony Blair
- Trimble
- Tripoli
- Tritium
- Uncategorized
- Underground Comix
- University of Tripoli
- US media
- Vincent Browne
- Washington
- White phosphorous
Archives
- January 2023
- December 2022
- November 2022
- October 2022
- September 2022
- August 2022
- July 2022
- June 2022
- May 2022
- April 2022
- March 2022
- February 2022
- January 2022
- December 2021
- November 2021
- October 2021
- September 2021
- August 2021
- July 2021
- June 2021
- May 2021
- April 2021
- March 2021
- February 2021
- January 2021
- December 2020
- November 2020
- October 2020
- September 2020
- August 2020
- July 2020
- June 2020
- May 2020
- April 2020
- March 2020
- February 2020
- January 2020
- December 2019
- November 2019
- October 2019
- September 2019
- August 2019
- July 2019
- June 2019
- May 2019
- April 2019
- March 2019
- February 2019
- January 2019
- December 2018
- November 2018
- October 2018
- September 2018
- August 2018
- July 2018
- June 2018
- May 2018
- April 2018
- March 2018
- February 2018
- January 2018
- December 2017
- November 2017
- October 2017
- September 2017
- August 2017
- July 2017
- June 2017
- May 2017
- April 2017
- March 2017
- February 2017
- January 2017
- December 2016
- November 2016
- October 2016
- September 2016
- August 2016
- July 2016
- June 2016
- May 2016
- April 2016
- March 2016
- February 2016
- January 2016
- December 2015
- November 2015
- October 2015
- September 2015
- August 2015
- July 2015
- June 2015
- May 2015
- April 2015
- March 2015
- February 2015
- January 2015
- December 2014
- November 2014
- October 2014
- September 2014
- August 2014
- July 2014
- June 2014
- May 2014
- April 2014
- March 2014
- February 2014
- January 2014
- December 2013
- November 2013
- October 2013
- September 2013
- August 2013
- July 2013
- June 2013
- May 2013
- April 2013
- March 2013
- February 2013
- January 2013
- December 2012
- November 2012
- October 2012
- September 2012
- August 2012
- July 2012
- June 2012
- May 2012
- April 2012
- March 2012
- February 2012
- January 2012
- December 2011
- November 2011
- October 2011
- September 2011
- August 2011
- July 2011
- June 2011
- May 2011
- April 2011
- March 2011
- February 2011
- January 2011
Blogroll
Links: Here
- Barack Obama's Promises
- Conscience of a Liberal: Paul Krugman
- Counterpunch
- Edge of Sports: Dave Zirin
- Harper's
- Hullabaloo
- I.F. Stone
- Informed Comment: Juan Cole
- LobeLog: Jim Lobe
- Media Matters
- Naked Capitalism
- OpenLeft
- ProPublica
- Raw Story
- Reader Supported News
- Right Web
- Solitary Watch
- Stephen M. Walt
- Tax.com
- Technorati
- TomDispatch
- Truthdig
- Truthout
- Unsilent Generation: James Ridgeway
- WhoWhatWhy
Links: There
Links: Yonder
You must be logged in to post a comment.