FOR anyone concerned that American consumers have suffered from not having enough financial regulators on the beat, there is now clear evidence of too many. The post-Thanksgiving working week began at the Consumer Financial Protection Bureau (CFPB) with two people claiming to hold the temporary leadership mantle, after the abrupt resignation of the previous director, Richard Cordray. Mick Mulvaney, who heads the Office of Management and Budget, was given a second job by the president, operating under the authority of a commonly used statute. He arrived at the agency with a bag full of doughnuts and an open invitation for employees to come by and grab one. As they munched away, they could read an e-mail signed by “Leandra English, Acting Director”, a relatively young staff member whom Mr Cordray promoted to deputy director on his way out, with the intention of putting her in charge under the authority of a clause in the Dodd-Frank...Continue reading
Source: United States http://ift.tt/2zRto6n
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