Trump Slams Consumer Financial Protection Bureau As ‘Total Disaster’

Thomas Phippen | Reporter

President Donald Trump declared that he would bring the Consumer Financial Protection Bureau (CFPB) “back to life,” and criticized how the agency has been devastating to financial institutions under the previous administration’s leadership.

“The Consumer Financial Protection Bureau, or CFPB, has been a total disaster as run by the previous Administrations [sic] pick,” Trump tweeted Saturday. “Financial Institutions have been devastated and unable to properly serve the public. We will bring it back to life.”

Trump also recommended a Wall Street Journal editorial, which criticized the CFPB as failing at its central mission.

Trump’s criticism of the CFPB’s leadership under former director Robert Cordray underscores a potential struggle for control of the agency, which has been a darling of progressives like Democratic Massachusetts Sen. Elizabeth Warren since its inception in the 2010 Dodd Frank Act.

Cordray announced he would resign his post at the CFPB earlier this month, long before his term actually expired in 2018. The White House appointed Mick Mulvaney, current director of the Office of Management and Budget, to lead the agency until the president could nominate a permanent director. Cordray appointed his own interim successor when he left Friday, his chief of staff Leandra English. (RELATED: Who Is Actually Leading The CFPB?)

The White House was critical of the CFPB’s decision to appoint an interim director without administration input. “We don’t have any reason to think anything out of the ordinary course will happen,” a senior administration official said on a call with reporters. “[Mulvaney] will show up Monday, go into the office and start working.”

Mulvaney has publicly criticized the CFPB, calling it a “sick, sad” joke in 2014.

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Tags : consumer financial protection bureau donald trump mick mulvaney richard cordray
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