Credit Card Regulators at CFPB: I Doughnut Know

27. November 2017.

Trump’s new CFPB director, Mick Mulvaney showed up to work yesterday armed with a bag of Dunkin Doughnuts to share with his new staff. Absent was Leandra English, Richard Corday’s self appointed replacement, who filed a lawsuit for the job. She did not share one of Mulvaney’s doughnuts.

Like it or not, the CFPB has identified a series of issues in the banking industry. It assessed hundreds of millions in fines for debacles such as predatory lending, deceptive practices, and, yes, Wells Fargo. Cordray resigned last week, presumably to begin a political campaign, it appears that he left the agency smoldering as he, rather than the POTUS, appointed his successor.

  • But while Mulvaney tried to keep his first day as acting director of the regulator drama free, it was becoming increasingly clear that a federal judge will probably have to sort out what’s rapidly turned into a high stakes legal battle.

  • English tired to assert she was in control by sending an email to CFPB staff stating that “it is an hor to work with all of you,” according to a person who received the note. In the email, she identified herself as acting director.

  • On Monday, Mulvaney directed workers to ignore instructions from English and to report any other communications “related in any way to the function of her actual or presumed duties. He also invited them to grab a doughnut.

This will be interesting to watch. Like it or not, I would bet POTUS will not let this one go. I doughnut know.

Overview by Brain Riley, Director, Credit Advisory Service at Mercator Advisory Group

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