BUDGET/CONSUMER PROTECTION/TREASURY/TRUMP AS PRESIDENT: “The Trump administration’s move to put its budget chief in charge of the Consumer Financial Protection Bureau exposed a divide between a White House faction and the Treasury Department over just what the role of the consumer watchdog should be.
The installation of Mick Mulvaney, head of the Office of Management and Budget, as the CFPB’s interim director was a win for conservatives who favor dismantling much of the independent regulator as part of a sweeping reversal of Obama-era financial rules.
Many in this camp, including Mr. Mulvaney, a former congressman, have spent years trying to block the CFPB’s agenda under Richard Cordray, an Obama appointee who stepped down after Thanksgiving. Mr. Mulvaney in the past has described the CFPB as ‘one of the most offensive concepts in government.’
Mr. Mulvaney declined to comment for this article.
His appointment, until a permanent successor can be found, was also a setback for some financial companies. While they hoped for a less-aggressive regulator than Mr. Cordray, companies in certain industries still wanted the watchdog to have some regulatory teeth, according to people familiar with the matter.”
-Yuka Hayashi and Kate DAvidson, “The Internal Divide Behind Trump’s Takeover of Consumer Watchdog,” The Wall Street Journal online, Dec. 21, 2017 05:30am