There is confusion at the Consumer Financial Protection Bureau about who exactly is running the agency. On Friday, Obama-appointed director Richard Cordray resigned. Cordray was the first director of the CFPB, which means the bureau's succession rules had never come into play. The CFPB is a creature of the Dodd-Frank financial reform bill, passed in 2010. Language in the law suggests that when a director resigns, his deputy becomes acting director. In this case, Cordray's deputy, Leandra English, took the reins. But the Trump administration says that the president has the right to name the acting director. Accordingly, Trump appointed his budget chief, Mick Mulvaney to the post. The confusion is not likely to be sorted out any time soon. Reuters: On Saturday, Trump tweeted that the CFPB - which has imposed steep penalties on banks, auto dealers, student lenders and credit card companies for predatory lending practices - had “devastated”...(Read Full Post)