Nov. 28, 2017

Court Sides With Wall Street Against Consumers in CFPB Leadership Fight

Statement of Robert Weissman, President, Public Citizen

Note: Today, a U.S. District Court judge ruled in favor of the Trump administration in its move to install White House Budget Director Mick Mulvaney as acting director of the U.S. Consumer Financial Protection Bureau (CFPB).

Congress established that the CFPB should operate with independence out of recognition that big banks and Wall Street would try to eviscerate it. Mulvaney is an agent of exactly the kind of bank-led sabotage that Congress aimed to prevent. Wall Street already has implanted its allies atop the U.S. Treasury Department, the National Economic Council and the U.S. Office of the Comptroller of the Currency, among other agencies. Congress created the CFPB with the unique mission of protecting consumers and consumer interests exclusively. That’s why it is so important that, in the transition to a permanent director, the CFPB is headed by Leandra English, who is committed to the agency’s mission, rather than Mulvaney, who is hostile to its very existence.