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Sparring escalates over interim leader of U.S. consumer finance agency

Reuters: WASHINGTON (Reuters) - The White House’s plan to appoint an interim leader for the top U.S. regulator for consumer finance came under further scrutiny on Sunday as a senior Democratic senator said the move would violate the Dodd-Frank Wall Street reform law.

Richard Cordray, a Democrat, stepped down on Friday as director of the Consumer Financial Protection Bureau, which was created after the financial crisis to protect consumers from abusive lending practices. He named Leandra English, the agency’s chief of staff, as deputy director and said she would take over as acting director.

President Donald Trump then named White House budget director Mick Mulvaney, one of the CFPB’s fiercest critics, to the position. On Saturday, the Justice Department said in a memo that the White House was right to name an interim CFPB director.

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