White House Budget Chief Mick Mulvaney was recently assigned to run the CFPB. The CFPB or the Consumer Financial Protection Bureau was responsible for overseeing the Federal financial laws that specifically protect consumers. It also deals with credit cards usage, loans for homes, banking and credit unions.
Outgoing Director Richard Cordray had announced a temporary successor. He had intended to place Deputy Director Leandra English as his replacement.
However Trump stepped in and gave that position to one of his own staff members. The move had been called typical by some in the White House.
Trump’s Assertion
Trump tweeted “the Consumer Financial Protection Bureau, or CFPB, has been a total disaster as run by the previous Administrations pick. Financial Institutions have been devastated and unable to properly serve the public. We will bring it back to life!”
He believed that the CFPB was a total disaster. Trump took the initiative based on the power he wielded as President.
Analyst believed this appointment gives Trump the leverage he needed. It was said to be a win for Trump.
Democrats had accused Trump of using bad methods to appoint one of his own.
