Newsroom

November 25, 2017

Trump, Cordray each name interim CFPB director

Richard Cordray officially stepped down from his post as CFPB director late Friday night while also redesignating the deputy director of the agency. However, President Donald Trump, in response to Cordray's departure, named Mick Mulvaney, currently the director of the White House Office of Management and Budget (OMB), as interim CFPB director. The president has yet to nominate a permanent successor to fill the vacancy, which would require Senate confirmation.

In his official resignation letter, Cordray named his Chief of Staff Leandra English as the bureau's deputy director. The Dodd-Frank Act's provisions state that the CFPB deputy director may serve as the bureau's acting director in the absence or unavailability of the director, and is not clear as to what happens if there is a true vacancy.

But under the Federal Vacancies Reform Act, the president has the authority to appoint an acting director to a federal agency in the absence of a permanent director. It is unclear which law controls and these conflicting authorities could set up a legal battle to determine whether Mulvaney or English will lead the bureau in the interim; the Department of Justice has opined that the presidential action is appropriate.

Mulvaney currently serves as the director of the OMB. If it is determined President Trump's interim director can lead the bureau, Mulvaney would be able to serve in both positions until the Senate confirms a permanent CFPB director. Prior to being confirmed at OMB director in February, Mulvaney represented South Carolina's 5th District in the House.

He has also spoken at NAFCU's annual Congressional Caucus and to association members during a Washington update call. In 2015, NAFCU presented Mulvaney with the Credit Union Congressional Champion award.

English has served in various roles at the CFPB and was a member of the bureau's implementation team at the Treasury Department in 2011. She has also served in various roles at the OMB.