![]() Emboldened by its latest efforts under the CRA, Congress is now aiming at CFPB's payday lending rule - a bipartisan group of House members introduced a bill to strike the rule under the CRA. You may remember that Mulvaney called the CFPB a "sad, sick joke." Mulvaney may have brought donuts on his first day on the job at the CFPB, but also signaled drastic changes are coming for the Bureau.ĥ. President Trump named a staunch critic of the CFPB, Mick Mulvaney, to now run the agency. Her "appointment" caused dissention among the CFPB staff, anger and resentment toward Cordray for hand-picking someone so young and without the requisite experience to lead an agency that size.Ĥ. If English loses her next hearing, she will most likely appeal. Cordray's hand-picked successor, Leandra English, is waging a heated legal battle to get control of the CFPB. Heck, he not only left the ship, he left the state, and is now running for Governor of Ohio.ģ. ![]() Its Captain, Captain Cordray, announced he was stepping down, left earlier than planned and, in a late Friday afternoon move, hand-picked his successor. Congress scrapped its Arbitration Rule under the Congressional Review Act ("CRA") - the CFPB is now barred from adopting a "substantially similar" rule on arbitration unless Congress specifically allows it.Ģ. What are some of these strikes against the CFPB? Here's a brief sampling:ġ. If I'm an employee at the CFPB these days, I'd be feeling that our ship is under attack, was hijacked by Republican and/or conservative "pirates" and ordered to turn around. It was a great scene and line that carried over to the Oscars and spawned many a meme. The Captain of the cargo ship, Captain Phillips, has his world (seas?) shattered and authority usurped when one of the pirates tells the Captain to look him in the eyes and says he's the Captain now. "Look at me, I'm the Captain now" is a quote from the movie Captain Phillips, in which an American cargo ship is hijacked by Somali pirates. JanuLook at me, I'm the Captain Now - Turning the CFPB Ship Around
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