Rep. Meeks Statement on Appointment of Mulvaney as CFPB Director

Rep. Meeks Statement on Appointment of Mulvaney as CFPB Director

Jamaica, NY—US Representative Gregory W. Meeks, a senior member of the House Committee on Financial Services, issued the following statement upon the resignation of Richard Cordray, Director of the Consumer Financial Protection Bureau:

"Former CFPB Director Richard Cordray is a public servant in every sense of the word. As the Consumer Bureau's first chief, he laid a foundation for an agency designed to fill a gaping hole in our financial regulatory system. For the first time, under Cordray's leadership, the American people had a player who would to bat for them with an for enforcing fairness in our financial markets. His work protected hardworking Americans and our financial system writ large by helping restore trust in our financial institutions, which is key.

"Rightfully so, Cordray announced that Leandra English, the Deputy Director of CFPB, will serve as its Acting Director until the Senate confirms a Director. This announcement is consistent with a provision included in Dodd Frank (12 U.S. Code § 5491) that establishes the appropriate leadership succession at the CFPB if its Director is unavailable. This provision was clearly intended to supersede the Federal Vacancies Act which gives the president authority to fill vacancies at agencies only when Congress is silent on the matter. In this case, Congress has already spoken, and Leandra English should be given the independence needed to fulfill her statutory mandate as Acting Director until the Senate can vet and confirm someone suitable to work on behalf of American consumers.

"Accordingly, the White House's announcement of Mick Mulvaney as the CFPB head is wrong – not only because Mulvaney is ill-equipped to lead because of his anti-consumer protection posture – but also because the White House's announcement is contrary to the law."