Mick Mulvaney Appointment as CFPB Director Disastrous for Consumers, Greenlining Institute Says

President Trump's legally dubious appointment Friday of Mick Mulvaney to lead the Consumer Financial Protection Bureau, would be disastrous for U.S. consumers, The Greenlining Institute said today. Mulvaney has called the bureau "a sick, sad joke," and "the very worst kind of government entity."

The appointment is expected to set up a legal battle, as outgoing CFPB director Richard Cordray had attempted to name his successor hours earlier by naming Leandra English to the position of deputy director, who would normally assume the top job should it become vacant.

"This continues President Trump's pattern of appointing agency heads whose express intent is to destroy the office they lead," said Greenlining Institute Economic Equity Director Teddy Ky-Nam Miller. "Mulvaney will be as big a gift to Wall Street grifters as Scott Pruitt has been to polluters. Leandra English is the right person to lead the CFPB. As a dedicated public servant who has spent her career making federal service delivery more efficient and effective, Ms. English has the capacity, experience, and skill set to serve as acting CFPB director until an appropriate nominee is put forward by the White House and the Senate votes to confirm him or her."

The CFPB was created by the Dodd-Frank financial reform law after it became clear that predatory, deceptive lending practices played a huge role in the subprime mortgage crisis that triggered the Great Recession. Much of the worst activity specifically targeted communities of color and low-income borrowers.

"We supported CFPB's creation because our communities got hit worst by predatory lending, and literally no one in government was looking out for financial consumers," said Greenlining Institute President Orson Aguilar. "CPFB's first director, Richard Cordray, championed ordinary Americans, obtaining literally billions in relief for people who'd been gouged. This appointment makes clear that President Trump wants to leave consumers defenseless against being ripped off by shady financial firms."