White House Office of Management and Budget Director Mick Mulvaney will serve as the acting head of the Consumer Financial Protection after former director Richard Cordray stepped down Friday.
Mulvaney, who once called the CFPB a “sick, sad” joke, will perform the duties of the new office on a day-to-day basis while continuing to act as budget director for the White House or if he will do both jobs simultaneously.
“He will do both,” said a White House spokesperson. “The Vacancies Act requires that he maintain his previously Senate confirmed position.”
The White House made the announcement in a press release Friday evening.
“Today, the President announced that he is designating Director of the Office of Management and Budget (OMB) Mick Mulvaney as Acting Director of the Consumer Financial Protection Bureau (CFPB),” the statement read.
“The President looks forward to seeing Director Mulvaney take a common sense approach to leading the CFPB’s dedicated staff, an approach that will empower consumers to make their own financial decisions and facilitate investment in our communities. Director Mulvaney will serve as Acting Director until a permanent director is nominated and confirmed.”
Cordray officially sent in his letter of resignation to Trump earlier on Friday after announcing earlier this month his intention to resign to run for governor in Ohio.
Mulvaney, once a conservative lawmaker who is now in charge of forming the White House’s fiscal policy, could re-shape the bureau in a manner more friendly to banks. Cordray was often seen as an annoyance by Republican lawmakers and administration officials for his insistence in pursuing rules that harmed banks.
He’s been among the White House officials pushing for a tax reform package in Congress. It’s unknown how the new role will impact his duties advocating for that deal.
The former South Carolina congressman told the Credit Union Times in 2014 he had many complaints about how the bureau did business.
He said it’s “difficult to get a phone call returned” from the bureau and called it hard to conduct oversight of its actions.
“They don’t need Congress to exist, it doesn’t take very seriously Congress’ oversight role,” he said.
He added, “The place is a wonderful example of how a bureaucracy will function if it has no accountability to anybody. It’s become a joke in a sick, sad kind of way.”
