There Are 2 Bosses at the CFPB Right Now. One Is Suing

J. Scott Applewhite  AP Images

The White House issued a statement hours after Cordray's resignation that noted the president "looks forward to seeing Director Mulvaney take a common sense approach to leading the CFPB's dedicated staff, an approach that will empower consumers to make their own financial decisions and facilitate investment in our communities".

In their court filing, attorneys for English argue she is entitled to the position under the Dodd-Frank Wall Street reform law, which created the agency and says the deputy director becomes acting director when the agency's top spot is vacant.

Cordray chose his former chief of staff, Leandra English, as his replacement, but President Donald Trump, whom the Department of Justice believes has ultimate authority in the matter, named Mulvaney as the temporary head of the CFPB Friday evening.

The White House communications director sought to enhance Mr Mulvaney's standing on Twitter, sending out a photo of him meeting staff while sporting rainbow-coloured socks and another of near empty boxes of doughnuts, which he said were a "big hit".

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But Trump named Mulvaney the head of the agency shortly after Cordray appointed English, signaling a showdown over who will take charge of the federal watchdog agency. District Judge Timothy Kelly, one of Trump's two new D.C. appointees, is slated to hear the case at 4:30 p.m.

President Donald Trump's choice has called the agency a "joke" and an example of bureaucracy run amok, and is expected to dismantle much of what the agency has done.

So come Monday, who will be leading the Consumer Financial Protection Bureau?

Mulvaney spent his first day at the CFPB on Monday and said he will serve as long as he's allowed. CFPB also has broad regulatory authority over financial institutions with assets over $10 billion.

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As many of you know, the CFPB is engulfed in a batshit power struggle after Richard Cordray ran away to join the OH political circus, giving The Trump White House a clear shot at doing its favorite thing: passively strangling a government agency to death by appointing an anathematic person to run it.

Office of Management and Budget Director Mick MulvaneyJohn (Mick) Michael MulvaneyTop CFPB lawyer sides with Trump over Mulvaney appointment CFPB deputy director sues Trump to block Mulvaney as interim leader GOP senator: We shouldn't play games with dueling CFPB appointments MORE on Monday began working as the Consumer Financial Protection Bureau's acting leader amid a legal challenge from the CFPB's deputy.

Asked by reporters want Trump wants him to accomplish, Mulvaney said the president wants him to "fix it". "We will bring it back to life!"

The CFPB was established in 2010 as an independent agency responsible for protecting consumers from illegal actions by banks, credit unions, payday lenders, debt collectors, and other financial companies in the United States. Instead, they created different rules of succession for the CFPB, in which the deputy director is entitled to the acting director job automatically. Then, having produced the very evidence that negates her own argument, she says the statute's history is "unpersuasive". "But they have promulgated a great many rules, many of which have made consumer financial products and services more costly and harder to obtain". "This is unfortunate but, in the atmosphere of the day, probably not unexpected".

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